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The Investment Process
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Step 1- Loan Qualification
The Lending Pros. Corp. will contact you for pre-qualification for the construction
loan. They will need to obtain basic information for you including your income and asset information as well as your current FICO score. You can also apply online through our secure web-site at www.thelendingprosfl.com and a mortgage representative will contact you within 24 hours.
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Step 2- Home and Lot Package
Once you are qualified, we will supply you with a homesite (lot) in the area of your choice. We will choose the lot in a high growth area and will handle all the steps in securing the lot. At this point you will choose your home package from the various packages we have available. We will supply you with the different home packages and pricing. Once the home package is chosen, we will fax you 2 contracts (1 contract for the Lot and 1 contract for the home). We ask that you then sign both contracts and fax them back to us immediately with a copy of the deposit check for the land and a deposit check for the home.
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Step 3- Execution of Contracts and Mortgage Documents
Once the home and lot are chosen, we will forward the contracts to the selling parties for signatures. We will then forward the contracts to the title company and The Lending Pros. At that point, The Lending Pros. Corp. will prepare the financing documents and will overnight them to you for signatures. These documents must be signed and immediately sent back to The Lending Pros. Corp. in the express envelope provided to you. You must also send a check in the amount of $350 for the appraisal, $500 deposit for the lot, and a $1000 deposit for the builder. Once we receive the package back, we will begin the loan process. The entire process of the mortgage typically takes 30 days to complete from the day we receive your mortgage package at The Lending Pros. Corp.
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Step 4- Construction Loan
Upon receiving your mortgage package, contracts and deposits, The Lending Pros. Corp. will then forward all the loan documentation to the lender for a final loan approval. Once your loan is approved, we will contact you to get any more items needed and to get ready for closing.
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Step 5- Closing Time!
When the lender gives us the okay to close, the title company will prepare the closing documents for you and will overnight them to you. You will then receive the package, and will have it signed in front of a notary, and will then overnight it back to the title company. These documents are time sensitive and must be sent back within 24 hours of receiving the documents.
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Step 6- Build Time
Once the construction loan is closed, the builder will then submit the plans to the county for permitting. The permitting can range from 1 to 4 months before the builder is allowed to build. Once the builder begins to build the home, it should take him another 6 to 8 months to build the home. Upon the final stages of building, our team will be in contact with you to begin to think of your exit strategy. We will go over the current market conditions and will suggest what we believe the best decision for you to make is. The ultimate decision is yours. This is the time to start thinking about the exit. Upon completion of the home, you will either have to refinance the home into an end loan ( which can be done for you through The Lending Pros. Corp.) or you will have to have the house sold.
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Step 7- Exit
At this time, we will execute an ex it strategy. If you choose to stay on board with us, we can either sell the house or have the house rented out. We offer a variety of Exit Strategies as well as property management. If you decide to rent the house out, this will be a fully managed investment, so you will not have to do any work, nor will you have to come to Florida if you chose not to do so. We take care of your investment and property for as long as you hire our services. We are committed to handle your real estate investments and make the process as easy as possible.
* The 7 step process is a general estimation on how the real estate investment process works, along with obtaining a construction or construction to permanent loan. Each real estate investment is unique and therefore we are not able to guarantee the total cash out of pocket, the time for the process, or long term market conditions. The figures and timeline is subject to change. Any real estate investment is a risk.*
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