Underwriting Process

The Bridgespan Loan Process is a straightforward method quickly evaluating and underwriting loan requests. We strive to be as complete and thorough as possible to minimize any last minute surprises. The guideline below will provide you with an overview of what to expect when a loan request is submitted and approved for underwriting.

The submitter should review our lending criteria page. The submittal should be in the form of an executive summary which should include (but not limited too) the following:

• Amount of loan request & when it's needed
• Project/Collateral description
• Borrower information – experience/expertise/etc.
• Concise exit strategy
• Any other relevant information that will help in our initial analysis
  

Within 24-48 hours, Bridgespan will give feedback if we are interested in pursuing the request further or if the request has been denied.

If interested, Bridgespan will then present a letter of interest which will consist of our initial terms and will detail out additional due diligence items we will need to review the request. For us to proceed with this step, the letter of interest will need to be signed and returned along with a non-fundable payment of $300. Generally these items will include (but not be limited too):

• Completed Loan application form and 1003 on all borrowers/guarantors
• Credit report on individuals/principals – this can be self-run and must be less than 30 days old
• Current Preliminary Title Report
• Purchase & Sale agreement
• Appraisal / CMA / comps
• Rent role (if applicable) and/or Operating Statements
• Financial Statements - either personal or entity
• If entity, all operating documents including any resolution giving officers authorization to execute loan documents.
• Insurance agent name, phone number and policy binder
• Construction & engineering drawings & plans
• Construction Budget including all costs to date
• Copies of all Permits obtained and list of permits needed along with applicable zoning Information
• Environmental studies/surveys
• Engineer reports
• Color photos & location maps
• Any other information that Bridgespan feels is necessary in order to fully evaluate its security.

After a full review, which generally takes 2-4 days, we will either present a loan commitment letter with a list of conditional items or a loan denial letter. Upon acceptance of the commitment letter, we will proceed to close.