Loan Process - In Only Four Easy Steps
There are four basic steps to getting a loan from
Infinity Commercial Capital, and we are going to support you along every
step:
Step 1: Loan Application
This process starts when you contact your Infinity Representative.
Typically, this will be your Business Development Officer (BDO). Your BDO
will discuss your financing needs and determine the best Infinity product
for you. Your BDO will then provide you with the Infinity loan application
(or you can download the application here). Your BDO will also be
available to provide assistance to you in completing the application.
We can give you a very good idea immediately about whether your lending
needs are going to be a fit with our products. If we can help you, we will
ask you to give us some more information so we can provide you with a
loan. We will ask you to provide us with:
• Interim financial statements no older than
45 days from application date.
• Copies of your Business Federal Tax Returns
for the last three fiscal years.
• If your business is a startup, or does not
demonstrate historical debt service ability, a business plan or
projections for the next two years will be required.
• If you are purchasing real estate or other
business assets, we will need a copy of the purchase agreement. If your
business is a franchise business, we will need a copy of the Uniform
Franchise Offering Circular (UFOC), as well as your signed Franchise
Agreement. For the refinance of debt, please provide a copy of the note
being refinanced.
• Depending on the specifics of your loan,
your business and your industry, we may require other information as well.
We will make the process easy for you. Your representative will help you
gather the data, and you will also be assigned an underwriter to help with
the process and answer all your questions. The many testimonials from our
satisfied borrowers are the best proof we can give you of our commitment
to helping you grow your business and be successful.
Step 2: Underwriting
Your Underwriter will process the information from your application,
analyze your business and your loan request, and prepare the loan report
that goes to the Credit Committee. During the underwriting process, your
Underwriter may need to contact you regarding questions that come up
during their analysis of your business. The faster you can respond to
these requests, the faster your loan will be submitted to Credit Committee
for approval. Infinity guarantees a response to you about your loan within
72 hours of getting all requested information.
Step 3: Approval and Commitment
You’re BDO and your Underwriter will present your loan request to the
Credit Committee. Upon approval of your loan, your Underwriter will
prepare a Commitment Letter for your review and approval. The Commitment
Letter will provide details about the loan amount, interest rate,
collateral required, equity required, as well as other important terms and
conditions of the loan. Both your BDO and Underwriter are available to
discuss any aspect of the commitment letter and answer any questions you
may have at any time. After you have reviewed the letter, you will need to
sign and return it, along with the good faith deposit check, to Infinity.
Your good faith deposit will be used for loan closing expenses such as the
appraisal and environmental reports, loan closing attorney's fees, credit
reports, and lien searches.
Step 4: Loan Closing
Upon receipt of your signed commitment letter and the good faith deposit
check, your loan will be assigned to a Loan Packager and Closer. Your loan
will typically close within 30 – 45 days from receipt of the signed
commitment letter. If your loan is an SBA request, your Packager will work
with you to collect the documents needed for the SBA submission.
Conventional loans are not assigned to a Loan Packager since they do not
require SBA submission and approval.
During the closing process reports such as the appraisal and environmental
reports, title insurance, and lien searches will be ordered, reviewed, and
approved. The Closer will provide you with a checklist of all the items
needed to close your loan, and will work with you to collect these items.
The closer will also be available to answer any questions you have about
the process and the closing checklist requirements. The faster these
checklist requirements can be met, the faster the loan can close.
Once we have all of the items on the closing checklist and the items have
been successfully reviewed, the loan closing will be scheduled. The Closer
will contact you with the time and place of the closing and discuss any
items you may need to bring to the closing. Once all loan documents have
been signed at the closing table and reviewed then your loan proceeds will
be immediately disbursed.
*All timelines are estimated, typical timelines based on
past Infinity transactions. However the actual timeline for your loan will
be dependent on several factors and your BDO can provide you with the most
accurate estimate of the timeline for your loan. 72 Hour Credit Decision
is from the time we receive your complete loan package. 30-45 Day closing
is from the date we receive your signed commitment letter.
