Steps to Closing a Loan with WLW Capital
- Application: Collect Application and application fee. Use the application on our website. Application fee needs to be delivered to WLW offices or paid online via credit card on our website. WLW will order the title once the application and fee have been delivered.
- Term Sheet: (Preliminary & Final Term Sheets) WLW will issue a “preliminary term sheet” within 24 hours of receiving application. The “preliminary term sheet” is used to get Lender and applicant to agree upon terms pending underwriting. Once the Lender inspects the property and underwrites a loan with the title report, a “Final Term Sheet” will be provided to the applicant. Terms will remain the same if all the information provided on application checks out.
- Loan Commitment Letter: Once both Borrower and WLW agree upon terms and a final term sheet, WLW will provide the borrower with a loan commitment, credible for 30 days. Admin will also provide CMA, rehab budget and game plan with a title report. If any title issues are outstanding borrower must resolve, then re-submit for final approval.
- Closing: Once HUD is approved; the closing can officially be executed. Channelside Mortgages must be additionally insured on all loans prior to closing.
These 4 Steps can be Completed in as Quick as 3-7 Business Days