Worry Free Closing

Once we receive your approved Credit Memo, a member of our seasoned team will perform an in-depth review of the Loan Approval, ensuring compliance with eligibility, collateral and structuring requirements. If third party reports are needed, we will bid and engage those on behalf of our Lender Partner, including appraisals, environmental reports, survey’s, title insurance and site visits.

One of our closing coordinators will perform initial entity, property and UCC research. They work with the designated Lender Partner to obtain, then review and catalog all items collected to date. A comprehensive checklist is created at this point and circulated to all parties. This proven tool serves as a road map to closing.

We work directly with the borrowers to compile all items needed for SBA Approval. From completing and compiling standard SBA Forms, to verification of Immigration Status to obtaining Felony Clearance, our team will be there, guiding the borrower through each step.

As soon as the requisite items have been received, the loan application is submitted to the SBA for GP or PLP processing. For PLP submissions, the next step is drafting the authorization, using the credit memo as the guide. For GP submissions, if a screen-out is received we will promptly resolve and respond. Upon issuance of the SBA’s approval we perform a detailed comparison of the Authorization against the Lender’s Credit Memo.

Concurrently to the submission, our team performs in depth searches on all borrowers and guarantors, including UCC, Federal Tax Lien, Judgements, Real Estate Liens, Bankruptcy, Pending Litigation as well as OFAC, in jurisdictions where they presently operate/live and in those where they’ve recently operated or lived. When vehicles or titled vessels are included in the collateral pool, a Lien Verification Search is also performed.

Once the majority of the remaining items have been received, the loan coordinator will request the draft loan documents from the Lender’s Closing Counsel. The documents are reviewed in comparison to the loan authorization and approval. Any edits or corrections are requested and subsequently reviewed again. A closing date is set upon receipt of any outstanding items. Executed documents are immediately reviewed for completeness and any additional signatures required are obtained. Copies of the loan package is transmitted electronically to our Lender Partner for approval to disburse funds.

Each loan closed by Swift Lender Services is reviewed by a Quality Assurance Specialist. Items included in their review include post filing UCC searches to ensure lien priority, review of recorded real estate documents, vehicle lien placement and comparison of the title insurance policy to the marked up commitment.

Swift Lender Service can also be your go to source when the need for a modification or collateral change arises.