- Either APPLY HERE or give Neil a call to quickly walk through the deal at 410-652-3522. We usually have a good idea if the deal is fundable after just a few minutes on the phone.
- We’ll talk with you and discuss the deal.
- If we both want to move forward, we’ll schedule an appraisal, usually for the next day. At that time the $295 valuation/application fee is due. (We can take checks, cash, or credit card.) This fee compensates us for the time we spend doing the due diligence and for setting the money aside for you.
- After we meet at the property, we will finish our due diligence and, if approved, issue a commitment letter that night.
- We recommend you close the loan at King Title. You will save money and David Pierce (attorney) does a great job. It’s our title company of choice.
- Your priority after the loan is approved is to make sure the title company is doing what needs to be done, and, if there are two title companies, they are talking to each other.
- We will need proof of insurance and a draw schedule (if a construction reserve is part of the loan).
- Once we approve the construction draw and receive the proof of insurance, Block M is ready to close.
- Assuming this loan is a construction loan, you get the items for draw 1 done, and then call us when the items are complete.
- We usually respond within one business day for your draw inspection. We can either write a check, ACH the money, or wire the money ($30 wire fee).
- Your payments are due on the first of the month. If the loan closes in the middle of the month, you will pay the interest of the partial month at the closing and the first payment will be due the first of the month after the first full month. (i.e, if the loan closes on June 15th, your first payment would be August 1st)