Please follow these four steps to help make your apartment or commercial financing request run smoothly. Count on us to do all we can to make this a great experience. Following these steps will ensure that we can close your transaction on time. The timing truly depends on you. The quicker you turn in the required documentation the quicker your deal will close.
In the process of obtaining the LOI we will determine whether the property supports the desired loan amount. The property must be able to service the debt, so it is critical that we obtain these items prior to the issuance of a Letter of Interest (LOI). We know time is of the essence so we are committed to do our best to respond with an LOI in 24-48 hours from the time of submission to ALB Commercial Capital. All forms can be downloaded from our website. In order to obtain an LOI, return via email, fax, or mail the following to your loan Advisor:
After gathering the items in Step 1 your Loan Advisor will present you with one or more letters of interest for your review and acceptance. As well, our processing department will work with you on fine tuning the credit file. This would include:
Forward the signed LOI, check, and as much of Step 2 as possible to ALB via email, fax or mail. We must receive the signed LOI along with the required deposit check before we can proceed. In most cases a Rate lock commitment is also available. (We are able to accept wire transfers- your loan advisor will walk you through this process). Upon receipt, our processing team will start to work on ordering the appraisal and other third-party reports and will provide to you a “Needs List” of any outstanding items.
Once all of the information is received the file will be sent to Underwriting for final loan approval. Files are generally underwritten on a “first in first out basis”. Loan approval may come with some conditions prior to funding or prior to docs and therefore we encourage you to submit all conditions as soon as possible to ensure the speediest turnaround.
Note: For owner user type transactions the process of obtaining a letter of interest would require more upfront documentation before a letter of interest can be issued.