A Step by Step Guide to Apply for A Short term Loan
Before completing any application call us on (02) 9971 6650. A simple phone call will determine whether an STL is suitable for your client and if it falls within our lending guidelines.
If we can assist, your client will need to have the following forms completed and returned:
• Application Form
• Privacy Form
These forms can be downloaded from the website (click on links above) or scanned/faxed to you on request.
N.B it is essential that the Loan Purpose and the Exit Strategy are covered in detail. (See guide to Loan Purpose and Exit Strategy).
On receipt of the application you will be provided with a Letter of Offer. Please ensure that you and your client read this document carefully.
If your client is satisfied with the Letter of Offer they will need to sign and return the Acceptance. In most cases a valuation will be required and a valuation fee will be quoted on the Letter of Offer. This fee will need to be paid prior to instructing the valuer.
The broker/borrower should aim to obtain as many of the loan condition requirements as possible. Whilst each Letter of Offer is different, the following loan requirements are mandatory:
• 100 point I.D for all borrowers (quality copies)
• 6 months loan statements
• Rates Notice
• Water Rates Notice
• Statement of Strata Levies & Body Corporate Insurance (if applicable)
• Certificate of Currency with Interim Finances details to be included
• A letter completed by the borrower detailing the Loan Purpose and their Exit Strategy
This firm requires confirmation other than loan statements to establish the limit of the first mortgage. This may take a few days to obtain.
Once the valuation has been conducted (48hrs) and the first mortgage amount confirmed we instruct our lawyers to prepare and issue the Loan Documents. This generally occurs within one business day.
Loan Documents are emailed to the borrower’s solicitor. Without exception the borrowers must obtain independent legal advice. In some instances independent financial advice may also be required.
Completed Loan Documents are to return to our solicitors for registration.
Loan Funds are direct deposited to the borrowers account. Settlement confirmation letters are forwarded by post. The broker’s commission is paid from settlement proceeds on receipt of bank details.
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