Loan Processing

Initial Contact
A phone inquiry is preferred; however, a brief written summary is acceptable.

Submission of Documentation
VCL will detail what information is necessary in your particular case.

Application
If we have a definite interest in the loan proposal after initial review of the information submitted, a Formal Loan Application Disclosure Letter will be issued, outlining the basic terms and conditions of our Loan Offering. At this time, we will ask for a Good Faith Deposit Retainer Fee, advance Site Inspection Fee and, in most cases, an estimated MAI Appraisal Fee (“Deposits”). Our Loan Application Disclosure Letter states under what conditions these funds are refundable.

Processing
Once we receive the signed application with appropriate deposits, in-house processing begins. No loan is processed without an executed Loan Application Disclosure Letter, and Deposits.

In-House
An MAI Appraisal is ordered, under our supervision, outlining our requirements. Title insurance commitments, Credit reports, bank checks, etc. are initiated.

Pre-Inspection Review
Upon receipt of application and initial documentation, a decision is made on whether or not to proceed with the Site Inspection and processing of the loan request.

Actual Site Inspection
The representative of VCL will have a checklist as to what specifically is to be accomplished. Generally, we like to meet the borrower at this time.

Final Review
Once the Site Inspection is made, VCL will ordinarily review the loan in three working days. If all the information meets our loan approval and underwriting standards, VCL will issue a Commitment.

Acceptance of Commitment
Once the Commitment is accepted and the balance of fees paid, the loan is turned over to our counsel for closing ( if immediate funding is requested). The executed Commitment counterparts and fees are deposited into an Escrow Account with a National Title Company.

Closing
We do not allow the borrower’s attorney to close. We monitor legal fees and closing costs to ensure minimum charges to the borrower.

Timing
Experience shows that normal processing, underwriting, approving and closing of the Loan is approxitemately forty-five to ninety days. The timing of placement of funds into the loan escrow may vary depending on the complexities of the loan, the loan amount, the market availability of funds through the securities offering, and the ability of the Borrower to timely satisfy the terms and conditions of the Commitment.