Lendersa® AI enables you to identify suitable lenders, compare loan offers, and monitor your loan progress until funding and closing. The advantages of utilizing this platform include:
Discovering lenders that closely match your loan requirements
Receiving competitive offers from multiple lenders
Comparing loan terms and eligibility criteria efficiently
Easily tracking multiple loan offers in one place
Potentially saving thousands of dollars annually by securing lower interest rates
Reducing the risk of fraud by avoiding unscrupulous brokers
Securing loans even after being informed elsewhere that approval would be unlikely
Successfully facilitate the closure of loans that other lenders deem "impossible to close"
Lendersa® services to consumers are provided entirely free of charge
You may review the subsequent pages of this article for a comprehensive overview of each step in the loan process, from application submission to closing. However, this is optional, as our AI will provide guidance throughout every stage when you are prepared to proceed.
https://www.lendersa.com/loans/start
Prepare loan request
Initial Screening
Upload documents
Identify lenders
Contact lenders
Complete initial interview
Keep track of all lenders
Soft Quote
Submit application and documents
Review rate and terms
Compare offers
Choose the main and backup lender
The appraisal
Undergo underwriting
If not approved, try the backup lender
Loan Documents
Receive funding
Lendersa® loan request includes all the vital information about:
Your basic information
Income and credit
Co- Borrowers
Assets and liabilities
Property information (If identified)
Loan purpose
Exit plan ( If loan not amortized)
Your loan request will be promptly reviewed against our comprehensive database of lenders. If a suitable match is found, you will be instructed to proceed to step #3. In the absence of matching loan programs, you will be presented with options to optimize your loan request before repeating step #2 (the initial screening).
This step serves as preparation for subsequent actions; it is advisable to address it now, although it can be completed at a later stage if necessary. The documents will not be submitted to any lender until you have explicitly authorized their submission at step #9.
Most lenders require certain basic documents for loan approval. Prepare these documents and submit them only to lenders with whom you feel comfortable (see Steps 5 and 6).
As each lender has specific requirements for their loan applications, Lendersa® AI is able to generate tailored loan applications for chosen lenders based on your particular loan request. (This tool can save you hours)
Lendersa® will recommend which documents to upload according to the type of loan requested, such as residential, commercial, vacant land, long-term, bridge, rehab, or construction loans.
You have a choice
To have the request answered by the lenders with the best-matching loan programs from the Lendersa® database.
(If there are no matching programs on Lendersa® , most likely options B and C will not be successful. Optimize your loan first before spending to much time looking for lenders.
To send your loan request to lenders that you know or were recommended to you by friends or family.
Search the internet to find potential lenders
Have all options (A, B, and C) to increase your chances of a better loan.
Lendersa® 's top matching lenders will contact you with an introduction or soft quote—no action is needed from you.
To compare quotes from non-Lendersa® lenders, add their contact details to your dashboard. You can email them your loan request and follow up as needed, but always remember to document your interactions.
Communicating with the lender face-to-face is desirable, but most of the time impractical. The next best way to 'feel" the lender is by Zoom or phone. Communicating via text or email for your "meet the lender" appointment is not advisable, as these methods may result in missing information and do not foster a sense of connection.
The initial interview allows the lender to gather information directly from you regarding your loan application and to clarify any questions not covered in your request. It also provides you with the opportunity to learn more about the lender's experience, their company, available loan programs, and qualification requirements. Additionally, you can inquire about their process, expected approval timeline, and funding schedule.
Track all lenders
It's important to record every communication with lenders, especially when comparing several options. Your portal lets you quickly log details of any interaction and prioritize urgent tasks, compiling them into an easy-to-follow to-do list.
Prior to submitting a loan application or related documents, request a soft quote from the lender. A soft quote is not an official loan approval; rather, it provides an estimate of potential loan terms. If one lender's soft quote is significantly higher than those provided by others, you may wish to postpone submitting your application to that lender. Please note that some lenders, including major banks, are unable to provide soft quotes or any estimates without first receiving a formal application.
Lenders can conveniently submit a loan quote through Lendersa®
software, or alternatively, provide their own documentation containing the quote. If a written quote is unavailable, it is advisable to obtain at a minimum a verbal estimate of the rate, terms, and conditions, and record these details in your tracking system.
Only submit a loan application when you are satisfied with the lender. It is easy to submit through our website, but some lenders insist on uploading documents and applications on their own websites. Submitting an application also authorizes the lender to review your credit history; therefore, it is important to carefully consider to whom you submit a loan application.
Lendersa® allows you to keep records of each submission and copies of the documents submitte
From the time you apply, it may take 24-72 hours to receive a term sheet with rate terms and conditions for final approval. You may be asked to provide additional documents before the Term Sheet is finalized.
Offers submitted via the Lendersa website are immediately accessible for comparison. To evaluate rate terms and conditions from lenders utilizing their own forms, it is necessary to manually enter the relevant data on the Loan Comparison page to efficiently review differences among loan quotes.
It is important to review the qualification requirements to determine if you can meet them. Examine each requirement thoroughly. For example, some lenders who provide lower rates may require specific AGIs from the past three years' tax returns. If this requirement cannot be met, alternative programs from other lenders may need to be considered.
Additionally, review the appraisal requirements carefully, particularly for refinance loans. Determine the identity of the appraiser and inquire whether a preliminary value range can be obtained. If the appraised range is unacceptably low, it may be advisable to consider alternative lenders (refer to #13 below).
12. Choose a lender and keep backup lenders
Choose the lender that provides the most favorable offer. For a 30-year loan, interest rate and associated fees are typically the primary considerations; however, for bridge loans, factors such as the approved loan amount or the speed of closing may take precedence over rate. Upon selecting a lender, it is advisable not to dismiss other lenders who have presented comparable offers. Maintain communication with alternative lenders in the event that issues arise during underwriting or if an appraisal results in a value insufficient to secure the loan.
If the appraisal determines a property value lower than anticipated, this can reduce the approved loan amount or potentially result in loan denial. For bona fide purchase loans, the purchase price typically serves as a reliable comparable, making significant discrepancies between the appraised value and purchase price less likely. In contrast, with refinance loans, there may be a notable difference between the client's valuation and the appraised value.
It is important to recognize that an appraisal represents a professional opinion of value, which can differ among qualified appraisers. These differences are typically minimal when evaluating tract homes, but they may be substantial for high-value custom-built residences and certain categories of commercial properties. For example, the court-appraised value of Donald Trump's Mar-a-Lago property was $18 million, whereas another independent appraisal valued it at over $100 million.
Underwriting can start before the appraisal. You will be asked to provide additional documents and explanations that hopefully will result in a fully approved loan.
When the loan approval process is well advanced, it is generally unlikely for the loan to be denied or altered from the Letter of Intent. However, if discrepancies occur and the lender cannot provide the loan documents, contacting an alternative lender and proceeding to close the loan with them is an option.
With private hard money lenders, there is a possibility that the lender may choose not to fund the loan even after all documents have been duly signed. While legal remedies may be available in some circumstances, it is often advisable to terminate the contract with the lender and pursue options with an alternative provider. It is recommended to seek legal advice before communicating with the lender regarding this matter.
Congratulations on closing your loan! While the process may seem complicated, the steps remain consistent even when working with a single lender. You may be pleasantly surprised by how straightforward it is to use Lendersa. There is no need to memorize each step, as our platform will guide you seamlessly from request to closing. Well-qualified borrowers can potentially save thousands of dollars annually by using our service. Additionally, if you encounter financial challenges or property issues, our portal can make a significant difference in securing your loan.
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