Standard Operating Procedures

Standard Operating Procedure

Commercial Loan Processing

To establish a standardized and efficient process for processing commercial loan applications, ensuring timely and accurate completion of all tasks.

This procedure applies to all commercial loan applications received by Closer Capital.

Loan Officer: Responsible for initial contact with prospects, guiding them through the application process, collecting and uploading documents, submitting loans to underwriting, and communicating with prospects regarding approval/denial decisions and conditions.
Underwriter: Responsible for reviewing submitted loan applications, conducting credit analysis, and making approval/denial recommendations.
Funding Specialist: Responsible for processing approved loans, preparing closing documents, and disbursing funds.

Step 1 - Send Application Link from Portal

Upon receiving a commercial loan inquiry, the Loan Officer will send the prospect an email with a link to the Closer Capital online application portal.
The email will include clear instructions on how to complete the application and provide contact information for assistance if needed.

Step 2: Follow Up with Incomplete Applications

If the prospect does not complete the entire application process within 72 hours, the Loan Officer will follow up via phone call, text message, or email to offer assistance.
The Loan Officer will provide guidance on completing the application, address any questions or concerns, and encourage the prospect to finalize the submission.

Step 3: Collect Applicable Documents

Once the prospect has signed the completed application and it is entered into the system, the Loan Officer will reach out to collect the applicable documents required for the specific loan program.
The Loan Officer will provide a clear list of required documents and deadlines for submission.

Step 4: Upload Documents to Closer Capital Back Office System

The Loan Officer will upload all received documents in their entirety into the Closer Capital back office system.
The Loan Officer will ensure that all documents are scanned clearly, properly named, and categorized for easy retrieval.

Step 5: Submit Loan to Underwriting

After receiving all required documents and completing any necessary clarifications with the prospect, the Loan Officer will submit the loan application to the Underwriting department for review.
The Loan Officer will provide the Underwriter with any relevant information or context that may aid in the underwriting process.

Step 6: Communicate Approval/Denial Decision and Conditions

Upon receiving the Underwriting decision, the Loan Officer will promptly contact the prospect to inform them of the approval or denial of their loan application.
For approved loans, the Loan Officer will explain any conditions that need to be met before funding can proceed.
For denied loans, the Loan Officer will provide a clear explanation of the reasons for denial and offer any available alternatives or guidance.

Step 7: Call Client to Thank Them and Ask for Referrals

Within 24 hours of loan funding, the Loan Officer will call the client to express gratitude for their business and request referrals.
The Loan Officer will briefly review the terms of the loan and ensure the client understands the repayment schedule and any applicable fees.
The Loan Officer will politely inquire about the client's experience with Closer Capital and encourage them to refer potential loan applicants.

Step 8: Offer Rate Tracker Merchant Services

During the post-funding call, the Loan Officer will introduce the client to Closer Capital's Rate Tracker merchant services.
The Loan Officer will explain the benefits of Rate Tracker, including the ability to save money on credit card processing fees.
The Loan Officer will provide the client with contact information for a Rate Tracker specialist who can provide further details and assistance.

Step 9: Follow Up 15 Days After Funding

Approximately 15 days after loan funding, the Loan Officer will call the client to follow up and check on their satisfaction with the loan and Rate Tracker services.
The Loan Officer will inquire about the client's experience with both products and address any questions or concerns.
The Loan Officer will reiterate their appreciation for the client's business and encourage them to continue referring potential clients.