- Broker/borrower submits a summary of the loan scenario to Fairfield. This may be done via phone, fax, e-mail, or on-line submission form. We highly recommend that anyone submitting a loan proposal to us consider using the online submission form on our website, as it is designed to ensure that the necessary information is provided. Click here for our private money loan proposal form.
If the scenario is not one that Fairfield can act on, we will tell you right away and the process will be terminated.
- Having obtained a complete summary, a Loan Coordinator for Fairfield will provide a ballpark quote regarding rate, fees, term, and loan conditions. If you are a broker, you shall then take this information to the borrower, discuss and explain it, and make sure that it is acceptable to the borrower. In any case, if this quote is not acceptable to the borrower, then the process is terminated.
- Otherwise the broker/borrower shall contact Fairfield to say that the loan is a go. At that point the Loan Coordinator will provide the broker/borrower with a list of items needed in order to process the loan request. The broker/borrower shall collect the appropriate items and overnight mail these to Fairfield.
- Fairfield will generally review a file submission within 48 hours. If details come out that are problematic, additional information or supporting documentation may be requested at this point. If the loan proves not to be doable based on a complete review of the file, the loan process is terminated at this point. (Generally this would be the case if the documentation did not support the concept initially submitted in step 1.)
- Fairfield will ask for a refundable deposit (the amount to be determined by various practical aspects of the loan) and a loan agreement letter will be drafted.
- Upon receiving the deposit and a signed copy of the letter, Fairfield will make an appointment to personally inspect the property.
- Fairfield will perform an on-site inspection of the property (and visits various comparable properties). This is generally the final step in the underwriting process. It is rare that a loan is terminated at this point because the process leading up to this point has been rigorous and complete. Termination is only likely to occur if there is a notable discrepancy between what could be noted on paper and with photos regarding the subject property and the comps and what could be seen upon direct personal inspection. (This occurs maybe 5% of the time.)
At this point, the underwriting is complete and the loan can generally be closed within 1 to 5 working days.