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» Hard Money at the Speed of Light

Posted on 5/11/2005
Avatar Financial Group has documented ready-to-fund timing of two weeks or less from the borrower's execution of the Letter of Intent / Term Sheet and down payment of due diligence costs. Here's what that means.

When you submit a loan request to Avatar, you are asked to create a 'loan package'. This package contains:
  • color photos of the property, inside, outside, and the neighborhood
  • P&Ls of the property for last year and YTD for this year
  • Personal Financial Statement (get on on the forms page)
  • Recent written appraisal or comps (ask a realtor)
  • Executive Summary explaining the loan, your situation, and all relative details
Once Avatar's president or CEO has reviewed the loan package and determined yours is a loan Avatar is ready to fund based on the information you have presented. A Letter of Intent and Term Sheet is issued to you. If the terms and conditions suit your needs, you 'execute' this letter by signing it, returning it, and making a deposit toward to the costs of due diligence, which will be credited to those costs at closing. From the time you make that down payment, Avatar can generally close in two weeks, assuming you have all the documents required for closing submitted in time. A complete list of these required docs is provided with the Letter of Intent.
Posted in Miscellaneous