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Trust Deed Investment
The Loan Process |
The Loan Process
- Loan request from the borrower
- Dave does a site inspection of the subject property
- Dave does an analysis of the purchase price, costs, rehab, current and future after rehab value, loan amount needed etc
- Dave sends preliminary loan and property information to potential lenders
- When the lenders are placed, the request is turned in for loan processing
Loan Processing
- Loan Processor Verifies Lender vesting
- Loan Processor opens Loan funding escrow with Anchor Seaport Escrow
Anchor Seaport Escrow functions are to
- Tie in with the purchase escrow
- Receives lenders funds
- Pays loan costs
- Hold rehab $$ to be dispersed after the close of escrow as work is completed
- Net funds the purchase escrow
- Loan Processor coordinates transaction with purchase escrow, Anchor Seaport Escrow, Title Company, Fire Insurance Agency, Borrower and Lender
- Loan Processor draws loan documents and packages borrower and lender documents for signature
Lender documents include
- Funding instructions
- Lender Mortgage Loan Disclosure
- Copy of the Note
- Copy of the Trust Deed
- Preliminary Title Report
- Purchase Escrow Instructions
- Anchor Seaport Escrow Loan Instructions
- Lender’s instruction to Title Company and Escrow
- Broker Price Opinion of Value
- Miscellaneous lender disclosures
- Borrower’s loan application
- Processor will coordinate with Lender to fund by wire or cashier’s check to Anchor Seaport Escrow
- Trust Deed sent to title Company for recording and Title Company issues Lender’s Title Policy
- At close of escrow, prorated interest and prepaid payment (if applicable) sent to Lender
After Close of Escrow
- Payment and payoff checks are made payable to the Lender
- We monitor and coordinate borrower payments and payoffs to the Lender
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