How Does Tenn Capital Underwrite Bridging Finance Applications?
First, we want to understand the scenario, the asset, the plan and the exit. This information is presented to us isn’t relevant as long as it’s clear, organised and transparent.
With this information in hand, we will work through the transaction with our credit team, do our research and background checks. Of course, we will do this thoroughly, but we will complete it as fast as possible.
If we don’t think we can help, we will clearly tell you and then explain why.
If we think we can help, we will offer non-binding but credit backed heads of terms. We will clearly explain our lending rate, loan to value, term, fees and other pertinent information. This will be valid for a short period of time.
If the terms are acceptable, we will engage lawyers, valuers and other required parties to start their process.
We will then also ask the borrower for supporting documentation and other paperwork vital to the application – this will be the minimum required, and we will not request anything superfluous.
Once everything is returned and complete and the file is ready, we will pass it back through credit. If everything stacks up, we will offer the final, binding mortgage offer.
If there are problems at this stage, we will work with you to find solutions if there are any – this may then result in a change to our terms – if that’s the case, we will be clear with our reasoning and then work to move forward.
We will give borrowers as much confidence in our commitment to funding your plan through feedback, communication, and progress throughout this process.