Resources
EQUITY-BASED LENDER
How to Submit a Deal to a Private Lender
Understanding how to submit a deal can save you time and allow you to get more deals done; therefore, increase your income per hour. The process of submitting a deal to Skye Private Lending is exactly the same as submitting a deal to banks or credit unions.
The Requirements
First, it starts with understanding your client and helping them achieve their goals. In order to do this, you need to establish a system which involves asking the right questions and collecting all the correct information. The summary will help us gain an understanding of your client’s individual profile and the context that has led them to seek a private mortgage.
There are 5 main things you need to submit to a private lender
APPLICATION
01
The Application needs to be clear, current, and consistent with the rest of your package.
CREDIT BUREAU
02
A current credit report pulled within the last month or reporting period.
SUMMARY
03
The information in this summary should include a brief explanation of the 5 C’s of Credit which are Character/Credit, Capacity, Capital, Collateral, and Conditions including a viable exit strategy.
INCOME DOCUMENTS
04
Clearly identify all the sources of income for your client, collect the current documentation, and ensure the income is consistent with the rest of your package. It is important to know the difference in documents required between employed and self-employed. As well, find out if there is any additional income such as pension, child benefits, rental income, or etc.
- Typical documents include letter of employment, paystub, tax documents, bank statements, contracts, lease agreements, etc.
PROPERTY DOCUMENTS
05
Clearly identify the deal type, collect the current documentation to establish a reasonable current property value, and ensure the value is consistent with the rest of your package. The deal type such as 1st mortgage, 2nd mortgage, purchase, refinance, equity take out, construction, or etc. dictates the documents that are going to be required. The estimated value can be based on purchase price, appraised value, assessed value, cost to build, or an educated guess.
- Typical documents include offer to purchase contract, mortgage statements, titles, tax statements, and appraisals if any have already been obtained.
Sending in the above documents can help speed up the deal confirmation, and match your client to the most suitable financing option. Once there is agreement between parties (Skye Private Lending, Broker and Client), Skye Private Lending can handle the rest, and have the client in it to sign and arrange lawyer appointments for closing.
SKYE PRIVATE LENDING
Submit your application online!
Prequalifying for a loan does not affect you credit score. We can provide you with the best loan quote with the lowest interest rates.
