Our underwriting process is much faster, and more personal, than a traditional bank's.  Our goal is to give you an answer as quickly as possible and, if your application is successful, to fund within days, not weeks. 

STEP ONE

In order for us to make a decision on a loan request, we need to know your story.  As the first step in the application process, we ask you to provide a plain written narrative containing the following information: 

1.  A detailed description of your project, including its history, its current status, what you want to accomplish, and

what it will take to achieve your project goals.

2.  A detailed description of yourself and/or your company, including your background and prior experience with

this type of project.

3.  The amount you are seeking to borrow.

4.  The collateral you intend to use to secure the loan, including its location, its current market value (and what you are basing that number on), and the amount and nature of any existing liens or encumbrances.

5.  The date you would like to close the loan (or a date range).

6.  How and when you intend to repay the loan.

STEP TWO

After reviewing your narrative, we will make a preliminary determination as to whether we are interested in proceeding with the application.  If not, we will let you know immediately.  If so, we will issue a Non-Binding Letter of Intent, expressing our interest in making the loan subject to your meeting our underwriting standards.  You will need to provide the following items in order for us to make a final decision on your application:

 1.  Completed loan application

 2.  Non-refundable $400 loan application fee

 3.  Recent credit report(s) for all principals and guarantors

 4.  Tax returns for the past three years (including current year estimates if applicable)

 5.  Operating statement for project

 6.  Preliminary title report on property

 7.  Color photographs of property

 8.  Any appraisals of property in past 24 months

 9.  Construction drawings and permits, if applicable

10   Leases for property, if applicable

11.  Rent rolls for property, if applicable

12.  Color photographs of collateral

13.  Any appraisals of collateral in past 24 months

14.  Insurance information

15.  Other information as requested, if necessary

DECISION

After full review, Wheelock will issue you a loan commitment or denial letter.  If we issue you a commitment letter, you must accept or reject our loan offer in writing.  If accepted, we will schedule the closing for a mutually convenient date at our designated title company.