Procedure

Days

1. Meeting or conference call with business source or client

1

2. Business source or client will apply for loan over phone, in person or by downloading required forms from www.mortgageandinvestmentconsultants.com  

1-2

3. Client or business source will provide loan analyst with relevant documentation from checklist found at www.mortgageandinvestmentconsultants.com  

2-5

4. We will review documentation for “first cut” (here we will reconstruct the operating statement in order to calculate the potential gross income and subtract a vacancy reserve, normalize the income and expenses and then adjust the expenses using an expense growth rate, and then apply the property-specific underwriting parameters in order to calculate the stabilized net cash flow, direct capitalized value, LTV and debt service coverage ratio).  An attempt would be made at this time to obtain preliminary loan term sheets

2-7

5. After passing the first cut, we will issue a letter of interest, a fee agreement and perhaps a request for further documentation

1-2

6. Client or business source will furnish signed copy of fee agreement to us along with any other requested documentation

1-4

7. Depending on project, we may do a site visit and take digital photos at this time

2-5

8. We would now interact with capital sources on clients behalf to obtain the final loan term sheet

2-8

9. After identifying potential capital sources, sometimes there will be conference calls between the final underwriter and the client

1-5

10. Capital source will furnish us with term sheet or loan commitment and we will relay to client for his/her signature and will collect necessary deposits

2-5

11. Capital source will conduct ordering, receipt and review of appraisal, title insurance, environmental assessment, inspections, loan documents and regulatory approvals

9-29

12. Capital source will prepare closing package for client

2

13. Closing

1