LOAN PROCESSING PROCEDURES—Below are the steps involved in processing your loan application. You are invited to discuss your project and application with a CCLC loan officer prior to submitting your application.

1. You present your completed application package and non-refundable application fee. CCLC will assist you, as needed, in completing your application.



2. CCLC performs an economic analysis of your proposed development and reviews its consistency with underwriting criteria.



3. CCLC schedules a site visit at the subject property. At this visit we review the condition of the property and your construction or rehabilitation proposal.



4. CCLC obtains and reviews your credit history, and contacts the appropriate institutions for written verification of employment, mortgages and deposits.



5. CCLC gives you a preliminary indication of the project’s feasibility and identifies issues that need to be resolved.



6. If appropriate, CCLC construction review staff works with you and your general contractor to refine construction documentation.



7. CCLC reviews your property management proposal and/or management plan and visits rental units you currently operate.



8. When the project appears to be feasible, you submit a fee for the appraisal and CCLC orders the appraisal. An environmental report will also be required at your expense.



9. CCLC completes its underwriting of all economic, construction, credit and property management factors.



10. Your loan request is approved or declined. If approved, CCLC issues a loan commitment letter to you.



11. You accept the commitment by returning a signed copy of the commitment letter with the commitment fee (usually one-half of the loan origination fee) and any requested documents.



12. CCLC’s counsel drafts loan documents and provides them to you and/or your attorney for review.

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