|
MortgageMac strives to make
the origination process more efficient and easier to
understand. Currently, it is often an arduous process to
obtain a commercial loan regardless of the size of the
loan. It is even harder to obtain a small commercial
loan since most lending institutions would rather work
on larger loans then smaller ones, and accordingly place
requests for smaller loans at the back of the line. The
majority of our competitors mandate obtaining 2 years of
tax returns and other sensitive documentation from the
borrower in order to give just an indication that they
will be interested in financing the proposed subject
property.
The MortgageMac approach
is less complicated. We rely on limited information in a
Mortgage Application and a credit report to provide an
initial indication. While most financial institutions
take 3 weeks to offer a letter of interest, in many
instances we can provide a letter of interest within 48
hours.
Our process works as
follows:
- We obtain basic
information on the prospective borrower and the
property through our Request a Quote web page.
- We will contact the
prospective borrower promptly to review the
contemplated transaction and to provide an initial
indication of available financing.
- We conduct a
qualification interview with the prospective
borrower on the phone and complete a Mortgage
Application. This interview typically takes about 45
minutes to an hour.
- We check the
prospective borrower's credit to verify their credit
history.
- We will then provide
the prospective borrower with an initial indication
together with a check list of items that will be
required.
If the borrower is
represented by a broker we require that we do the
initial application directly with the borrower. This
includes gathering information in the Mortgage
Application, a credit report and operating history on
the subject property. Most brokers have no problem in
passing this work to us. If the transaction is not
realistic both you and we want to know immediately.
|
