Loan Process

This is a generalized description of the loan process.  Silverado Funding may modify the process as deemed necessary or appropriate for the applicable Loan Program or circumstances:

• Complete the loan application and either fax it to (503) 520-1285 email it to info@silveradofundingllc.com or upload it using our Document Upload Page.  Please include the following:
  • Last 2 two years most recent tax returns
  • Two months most recent checking/saving/brokerage account statements
  • Copy of driver’s license
  • Balance Sheet (Builders only)
  • Profit and Loss Statement (Builders only)
  • Resume (Builders only)
• Upon approval from  Loan Committee of borrower’s financial and credit information, we will need the following information on the property:
  • Purchase Contract*
  • Scope of Work (Rehab and Bridge Loans)*
  • Construction Budget (applicable to Construction Loans only)*
  • Specs and Plans(applicable to Construction Loans only)*
  • Contact Information for Access to the Property
  • Name of Title Company and Contact Person
  • Preliminary Title Report
  • Hazard Insurance Binder
  • Initial Inspection – Silverado Funding will order from an approved vendor
  • Appraisal – Silverado Funding will order from an approved vendor
• Upon review of the property information, your file will go to Loan Committee for final approval. Once approved your file will go to our Closing Department.  When completed and authorized, the loan documents will be sent the specified closing agent.
• The closing agent will coordinate signing of all required documents.  Upon completion and verification of signing, Silverado Funding will send the requested funds.
• The first draw for a rehab loan will be sent outside of closing.  Wire Instructions will need to be sent to Silverado Funding so that funds can be disbursed.

*these items are needed so that Silverado Funding can order the Appraisal.