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First National strives to make our loan process as streamlined and as efficient as possible. Because we conduct our own due diligence process and make our own loan decisions, we can execute creative programs quickly. Some of the stages of the loan process that you can expect are:
You can submit your initial inquiry online, including preliminary information about your facility and your debt needs. First National pre-screens requests on a weekly basis, and will respond to your request within seven days.
Loan Application: You will be asked to provide further details about your operation and the funding you are requesting.
You will be asked to complete various forms about your construction project and/or business operation, and submit supporting documentation to aid in the due diligence review.
Analysis and Review: The First National team will review your loan application and due diligence package materials based upon the First National Loan Underwriting Criteria.
Inspection of Facility: A First National loan officer will visit your facility. This review will encompass market, management and operating conditions.
Comprehensive Report: The due diligence team will prepare a report to submit to the Loan Committee for approval. This report will include details of the facility inspection, as well as the full due diligence package including a Summary evaluation regarding the loan’s strengths and weaknesses.
Utilizing the comprehensive report, the Loan Committee renders a decision.
Loan Commitment: If approved, you will receive further documentation, including all general loan covenants, requests for additional submissions required prior to Closing, and special articles for remediation according to the Loan Committee’s comments.
Loan Closing: This is the final acceptance of commitment terms through the execution of loan documents, and funding of the loan.
We typically hold and service all our loans so you will continue to have direct contact with your First National lender. Monitoring includes the review of cash flow and other general compliance procedures during operating periods. If there is a construction component to the loan, the process will also include reviewing monthly construction draw requests as well as monitoring the physical process of construction. Annual inspections of operations will be conducted.
