When a prospective borrower contacts Taylor Made Lending, LLC., we immediately begin to assess whether the project meets our underwriting criteria. We gather data on the property for the current and future value of the project, and will ask for a summary of the proposed deal.
It is a plus if the borrower, or representative, is prepared with the following crucial information at the point of initial contact: property address, purchase price, rehab or new construction budget, future expected value, payoff strategy (sale or refinance) and expected timing of exit.
We can typically tell the borrower whether or not there is a good chance of funding the loan, after the initial conversation. If there is, then we move to the 2nd stage of our process, which is, Underwriting.
If the loan request meets our basic underwriting criteria, we will ask the borrower to proceed immediately to a Term Sheet.
If Term Sheet is agreed upon, we proceed toward a closing.
Loans close generally between 4-8 days after signed Term Sheet.
Servicing (Construction Draws)
Terms will be agreed upon in Term Sheet. Details will be in mortgage documentation.
Payoff (No Prepayment Penalties)
In the event that you pay off your loan prior to maturity, we do not charge a prepayment penalty. In fact, it is always an exciting moment when we receive a borrower’s request for loan payoff. We will work with the settlement agent to make the process as timely and straightforward as possible.