OUR LOAN PROCESS
* You will have an experienced team working with you! CIS experienced loan/finance officers will work with your conventional lender to collect and share the application information
* Once a completed application has been received, our team of underwriters will prepare the analysis for our loan committee. We will also share that with the bank to simplify their process. Our loan committees meet weekly, and the internal approval process takes about 10 days.
* Once our loan committee has approved your application, we insert the bank’s commitment and business funding group. Letter or term sheet in the application package. Our package cannot be shipped without the bank’s letter, an executed real estate contract (or letter of intent signed by all parties), bids for any construction, renovation, or equipment, and current financial information.
* Applicant needs 5-7 days to review and approve your application. Once funding party has issued an approval, you will receive an “Authorization for Debenture Guarantee or loan account” which outlines the terms of the CIS loan. After you have signed the Authorization, it is provided to the bank.
* The bank will conduct the initial loan closing allowing you to acquire the assets. If there is any construction or renovation involved, the bank will disburse those funds and monitor the work. If there is no construction or renovation work, we can close at the same time as the bank.
* Once all work has been completed, all the funds have been disbursed, and an occupancy permit has been issued (you have moved in), the loan closes. Our closing team the designated attorneys and CIS internal staff we handle a large volume of closings) works closely with you and the banker to assure a complete funding package. The closing documents are circulated to the proper parties for inclusion in the next bond funding. It generally takes 30 to 45 days from closing to funding. The bank will receive a pay down from the funding, and you will then have two permanent loans – one to the bank and one to CIS group. Our interest rate is set two days before the bond sale.
* Over the life of the Capital Investment Source, our Servicing Team will contact you periodically to collect year-end financial statements or tax returns, verify that the property is insured, and conduct site visits. Additionally, that team is also available to assist you with questions or changes that might be needed (easements, ownership changes, etc.)
Process complete! Monthly payment are made, business owner enjoys long term, fixed financing to support business growth and expansion, and Capital Investment Source service of loan, Providing support, maintaining needed paperwork.