1
Application and Pre-Approval
Complete application and submit requested documentation
Initial Submission documentation includes:
- Property Description
- Location Pin
- Requested Amount to Finance
- Total Project Price / Amount to be Financed.
* Once Pre-Approval is confirmed, the borrower must execute a limited Power of Attorney (POA) allowing CCS to communicate to Lender underwriters.
2
Lender Analysis
You will be assigned to a dedicated Loan Manager who will analyze your needs and navigate the process.
(Client Care Providers fluent in English, Spanish, and French)
Document Submission includes:
- Personal/Financial information (Income/Tax Returns)
- Property Documentation*
* Varies according to property/project type.
Canadian RRSP
A thorough analysis of your current financials will be conducted to ensure you have the capacity to reimburse the RRSP without overburdening your budget, providing you with a secure investment decision.
401K Reinvestment
Upon creation of the Self-Directed IRA fund and receipt of proper documentation, the closing process will begin.
3
Appraisal Ordered and Final Lender and Borrower Approval
- Appraisal ordered.
- Lender completes transaction analysis.
- Loan Documents are Executed.
4
Submit Downpayment
Loan type and other factors will determine the schedule and amount of the downpayment required as the loan progresses.
Disbursement*
Depending on the type of loan, disbursement will be in stages or deposited into the seller’s attorney or lender trust account.
The estimated Timeline from receipt of requested documentation through disbursement of funds is 45-90 Days, as outlined below.
Pre-Approval Notification*
1-2 Days
Upon receipt of the application and requested documentation, your dedicated loan manager will review the documents for completion and submit them to the lender underwriter. Pre-approval will be received and presented to the client within 1-2 days.
Lender Evaluation
2 Weeks
During this time, lender underwriters are completing a final review of personal financials and credit for loan approval.
Life Insurance Requirement: This should be reviewed and initiated to avoid delays.
Appraisal Review
5-10 Days
Upon receipt and review of the appraisal, the lender will set the loan amount based on the LTV. Your loan manager will present the terms and conditions for your review and approval, including:
- Loan amount based on LTV
- Term, interest rate, and loan details
- All closing costs and fees
Client Approval
2-3 Weeks
The lender will draw the final documents upon approval of the terms and conditions.
Due Diligence
1 Weeks
The borrower’s attorney should review the terms and conditions. Any curative items are to be presented to the appropriate parties and lenders for review, approval, and ratification.
Loan Documents Drawn
2 Weeks
Loan documents and legal contracts are presented. Document signing is scheduled and executed.
Signers must be present in the country or enact a previously executed Special Power of Attorney (POA).
Disbursement
24-48 Hours
Congratulations on your new home in the Beautiful Dominican Republic.
Pura Vida from all of us at CCS Financial USA
* Timelines may vary +/-.
** 401K timelines are traditionally shorter than conventional mortgage financing solutions.
*** Panamanian transactions require confirmation of proper recordation of the Deed before disbursement.