| Our team of loan processing experts will work
with you to meet your closing expectations and
schedule.
Six-step loan approval process
1.
|
Broker/Borrower
contacts ColeTaylor to discuss financing
needs and the expected closing date. |
2.
|
Bank receives
underwriting package from the Borrower and
the Seller. Bank contacts Broker/Borrower
to discuss the finances of the practice and
the sale/purchase terms. |
3.
|
Typically
within 48 hours (two business days), ColeTaylor
sends the Proposal Letter to the Borrower.
The Proposal Letter outlines the proposed
terms (along with any requests for additional
documentation as conditions precedent to
closing). |
4.
|
ColeTaylor
receives accepted Proposal Letter and underwriting
fee from the Borrower and guarantees loan
closing within 14 business days pending receipt
of materials (provided all conditions precedent
to closing are satisfied no later than seven
business days prior to closing). |
5.
|
Loan documents
are sent to Buyer's attorney by overnight
mail for execution. |
6.
|
Loan funded
through Practice Broker or Buyer's attorney
as Escrow Agent 48 hours after ColeTaylor
receives signed documentation. |
Click
here for underwriting and closing checklists!
Click
here for a schedule of corporation documents!
To
learn how ColeTaylor’s professional
practice expertise can make the critical
difference in the growth and prosperity
of your practice, please contact us by
calling 312-442-5130. Or Contact
a banker now for
more information.
|
Equal
Housing Lender | Copyright
2007 | All
rights reserved