Description
Detailed underwriting procedure from first meeting to recommendation. Covers: initial interview and required documents (personal financial statement, business plan, one-year revenue and expense projections); client intake and loan numbering; applicant capability assessment; existing debts, guarantees and contingent liabilities; bankruptcy and litigation checks; written character and credit assessment; credit bureau report with signed consent and variance review; the three Cs of credit; character reference standards; feasibility and viability tests; acceptable forms of equity and 10% preferred equity including sweat equity; economic, community and legislative risk review; interest rate setting; terms of financing; commitment letter conditions; restrictive covenants; and standard loan conditions.
