Steel Mountain Capital :: Our Process
Steel Mountain Svc Ctr
When you accept our bid indication, the transaction process is as follows:
- We will issue a Commitment Letter to purchase the pool subject to due diligence. The Letter also outlines the pool specifics, pricing and bid stipulations.
- Once we receive the executed letter back from you, that’s our signal to begin spending money on due diligence. We’ll immediately order BPOs and pull new credit scores. We will also forward our Purchase and Sale Agreement for your review. You will need to send copy loan files and pay histories to our office for underwriting.
- During the due diligence process, if we find anything that potentially adversely affects pricing we will contact you immediately to discuss (i.e., significant FICO drop, significant drop in property value, compliance issues, etc). We generally have the files underwritten, pay histories read and BPOs back within 10 business days.
- We reconcile the due diligence findings, explain them to you and establish final pricing.
- A cutoff date and funding date are set and discuss any P&S issues. P&S signature pages are exchanged.
- You deliver the collateral to our document custodian and we’ll fund the transaction.
- The entire process normally takes 3 – 4 weeks.