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The Kennedy Funding Loan Process

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by

Kennedy Funding Financial

on 11 February 2014

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Transcript of The Kennedy Funding Loan Process

AGREED UPON IN THE LOAN
FOR ANY REASON WITHIN 30 DAYS
THE LENDER’S LEGAL TEAM TO COMPLETE
DEPOSIT WHICH IS
THE BORROWER PROVIDES A GOOD FAITH
Land Development & Acquisitions
Bankruptcies
CONTACT A
STEP 1:
Discounted Payoffs
Note Purchases
Workouts & Foreclosures
KENNEDY FUNDING
LOAN OFFICER
STEP 2:
PREPARE AN
EXECUTIVE
SUMMARY
THE EXECUTIVE SUMMARY OUTLINES...
• Value of the property
• History of the property
• Improvements made
• In acquisitions, a purchase contract
• Any information related to the value
of the property
The Executive Summary is reviewed
by both parties in detail
STEP 3:
ONCE THE EXECUTIVE SUMMARY IS
LETTER OF INTEREST
THIS DOCUMENT OUTLINES
APPROVED, KENNEDY FUNDING ISSUES A
THE BASIC RATES & TERMS FOR
THAT PARTICULAR LOAN
STEP 4:
STEP 5:
KENNEDY FUNDING ISSUES A DRAFT LOAN COMMITMENT
• Outlines terms of the loan commitment
• Legal documentation
• Specific rates/terms
• Detailed timelines
BOTH PARTIES NEGOTIATE THROUGH
SEVERAL DRAFTS UNTIL AN AGREEMENT IS
REACHED. THEN IT IS SIGNED BY
STEP 7:
THE BORROWER PAYS A
COMMITMENT FEE
THAT BINDS BOTH
PARTIES TO THE TERMS & CONDITIONS
STEP 9:
UPON BORROWER'S ACCEPTANCE OF A
LOAN OFFER, BORROWER WILL WORK WITH
THE CLOSING CHECKLIST
• Title Insurance
• Surveys
• Environmentals
• Etc.
STEP 10:
ONCE ALL CHECKLIST ITEMS HAVE BEEN
PROVIDED AND APPROVED, KENNEDY
FUNDING CAN CLOSE IN AS LITTLE AS
48hrs
FULLY REFUNDABLE
BOTH PARTIES
IT'S THAT SIMPLE
For More Information, Visit Us At
www.kennedyfunding.com
STEP 6:
COMMITMENT WITH A SPECIFIC
CLOSING DATE
STEP 8:
EVALUATION(S) ARE PERFORMED
LOAN OFFER
IS THEN PRESENTED
AND A
TO THE BORROWER
FOR COMMERCIAL REAL ESTATE BRIDGE LOANS
Full transcript