Our Proven Process
1. Understand Loan Scenario in Detail
Altima Loans make use of tools like loan analysis and loan sizer to get the exact amount of loans for the desired property. To underwrite a property, a 12-month operating statement with the current rent roll is required. Additional details specific to the property and the borrower may also be required.
2. Collect Documents Related to Property & Borrower
Our loan analysis process includes a comprehensive review of property financials, financial goals, and sponsorship experience. We go through the clients’ documents to understand their property performance and come up with the most effective strategy to maximize their loan amount.
Through loan sizer, we determine the financing potential of clients’ property by reviewing the data from operating systems and the rent roll. As per the current property operation, we can let you know the loan sizing.
3. Submit Documents Package to Relevant Lenders
The next aspect is loan approval. In this process both the borrower and broker will analyze the possible loan circumstances and calculate the loan amount. With such a thorough review, borrowers can remain informed about the approximate loan amount that will be requested.
4. Share LOI (Letter of Intent) from the Lender
At Altima Loans we come up with a comprehensive loan package that highlights the property’s performance and amenities, market conditions, and borrower’s experience. To complete the package we give a list of all the desired documents to the borrower. This package will contain entire information regarding the deal to allow lenders to review it as per their underwriting criteria.
5. Submit to Underwriting for Detailed Review
To lessen down the burden on borrowers, Altima Loans will send the borrowers’ loan packages to multiple lenders to get the best bidding quote. Our underwriting team works on a database of around 4,000 lenders present all over India to let the borrower know about the lenders that meet the loan requirements. Our team will then present the borrower’s deal in front of a specific group of lenders to get the most desired quote.
6. Issuance of Final Loan Approval Letter
All the quotes will then be compiled and documented in a file for easy comparison of each lender’s terms and conditions. Our documented format allows borrowers to quickly know about the lender which can align with their financial goals.
7. Order for Property Appraisal
Our team helps borrowers go through all the lenders’ profiles and guides them to choose from the various quotes. We will help borrowers to know the pros and cons of each lender and will guide them in deciding the final lender to proceed with. Once the lender is finalized our team will request the application from the chosen lender.
8. Initiate Title & Closing Documents
Once a borrower receives an application from the lender, our team will go through it to ensure that it matches the borrower’s specific need. The application will then be presented to the borrower for signature. By signing, the borrower will officially permit Altima Loans to initiate the desired process.
9. CLOSE LOAN & FUND!
In loan transactions, due diligence and legal compliance are important. Once a borrower signs an application with Altima Loans, our team will start the work to collect all the necessary documents to close the loan. Simultaneously our team with legal experts will start gathering the underwriting due diligence items. We will also contact with the insurance company to collect all the insurance information for the lender.