The process for having your loan approved can be completed in as little as 24 hours and loan closing can occur in as little as seven days. The steps to receiving an MMG Capital Private Money Loan are listed below:
- Submit Required Information
- MMG Capital Review
- Request for Additional Information
- Acceptance or Denial
- Letter of Intent
- Good Faith Deposit
- Closing
Submit Required Information
For a complete list of items that will be needed to submit your loan, please check How to Submit Your Loan. Submitting all of the necessary information, or at least having it available, can greatly reduce the time required for MMG Capital to render an approval decision.
MMG Capital Review
Once your file is received electronically, MMG Capital will review the information and determine whether or not any additional information is required to determine whether or not we are able to approve the scenario. The entire process will generally take less than 24 hours and can often be completed in the same day that your file is submitted.
Request for Additional Information
If necessary, MMG Capital will request additional information from you. If no additional information is required, we will either conditionally approve your loan or deny it altogether. In some instances, we will make suggestions as to how you could more properly structure your scenario in order to get it approved.
Acceptance or Denial
If your loan is approved, we will provide you with an acknowledgement of acceptance and a list of proposed terms for your loan.
Letter of Intent
Once both parties agree on the terms of the loan, MMG Capital will submit a Letter of Intent for borrower approval. The Letter of Intent will need to be signed and returned to MMG Capital. A copy will be submitted to the closing attorney to provide instruction for documenting the loan transaction.
Good Faith Deposit
The borrower will be required to deposit a nominal sum with the closing attorney in order to commit to the loan transaction and begin the documentation and title search processes. MMG Capital never receives fees prior to the closing of a transaction.
Closing
A formal closing will take place and all broker commissions, title fees and remaining attorney fees will be accounted for at closing. Once all documents have been executed and recorded, funds will be disbursed. Typically, this will occur two to three weeks from the date of acceptance of the Letter of Intent.
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