Stages of a Loan Application
- Overall project presentation and application form.
- Business plan and financial statements (last three years if possible);
- Documents relative to the request (school taxes, recent evaluation, offer to purchase etc.).
Review and Analysis of the Request
- The financial analyst reviews all documents received and communicates with you as required for additional information or other supporting documents;
- A site visit is usually conducted at this point to further understand the business venture.
- The financial analyst adds her analysis to your request for consideration by the Board of Directors. You will be notified should your request be refused at this point.
- At its monthly meeting, the Board of Directors considers all information presented by the analyst and renders its decision by majority vote. Regular meetings are scheduled for the fourth Wednesday of the month.
- The decision is conveyed to you with 24 hours.
Credit offer and contract
- If your request is approved, you will be invited to meet for a review and explanation of the terms of the loan.
- Normally you have 30 days to accept the offer. It is your responsibility to fully understand the document and, as required, to obtain legal counsel before signing.
- The credit offer and contract may be signed at this meeting and funds disbursed.
- In the case of a real property mortgage, a copy of the credit offer is sent to your notary to register the required documents. Please note that the cost of this transaction is the responsibility of the client.
- Loan funds are disbursed to your notary in trust and, once the documents are signed, you will receive the funds.
- In the case of a chattel mortgage, a copy of chattel information is sent to RDPM to register as security.