Secured Loan Application Process

It would also be for the creditor to establish whether another person has influence over the ownership and to seize its own right to the documents. The process may vary from creditor to creditor, but usually takes about 3-4 week. Ask the potentially secured creditor for a timing estimation at the application stage.

What is the processing time for my secured loan?

An secured loan is a high-quality, long-term loan that uses the applicant's own assets as collateral. That means that the creditor has a lower level of exposure, because if there are no refunds, the funds can be withdrawn by taking back the real estate. Since a secured loan is linked to a real estate, extra red tape is necessary in the application process.

It would also be for the creditor to establish whether another person has influence over the ownership and to seize its own right to the documents. The process may vary from creditor to creditor, but usually takes about 3-4 week. Ask the potentially secured creditor for a timing estimation at the application stage.

Collateralised loans: from beginning to end

Over the past few months we have looked closely at a bridge loan application and analysed every stage of the process from the moment we asked for a loan from a real estate agent to the release of the money. We will do the same in this item, but for a secured loan application. Like always, the application process for a secured loan usually begins with a call, e-mail or facsimile (yes, there are still facsimiles ) from one of our importing brokers.

As soon as we have all this information, we will know if and with which creditor the application will be successful or not. We will be able to provide an immediate response and provide suggestive terminology based on the loan and land register search that we ask the agent to authorise on customer's behalf. Nine out of ten cases will be available to us.

Here, if the brokers have not asked us from the outset to look after the customer directly (this may happen), we will ask their approval to talk directly to the customer. Here, the further course of the application will depend on whether the loan is secured against the applicant's principal building or a buy-to-lease or not.

The former is classed as a CCA-regulated loan, while a loan secured against a buy-to-lease is not. Let's first look at the credits that the CCA regulates. Basically, everything that was talked about in the first meeting with the brokers now has to be delivered by the customer.

And the same is true for the customer's agent. As soon as these are agreed, we have almost everything we need to assist the application in the files. Last thing we need to do is to order the evaluation that will be done by a panellist of the respective creditor to whom we will submit the loan.

In essence, this is a qualitative review that we have carried out to make sure that when the application arrives at the creditor, everything that should be in the case record is in the case record. Following the inspection of our products, we present the complete case record to the creditor. As soon as the creditor has all the information and is satisfied with it, he will call the customer directly before using the means and ask him some general safety issues.

Usually the whole process takes three months from beginning to end. This process applied to CCA-regulated credits. Of course, this means that they are usually more quickly arranges than CCA-regulated credits.