BORROWER

BANK/BUILDER

• Project Consulation

  Who, What, Where, When, How Much?

  Reminder: NO Construction activity until after loan closing

• Project Consulation

  Who, What, Where, When, How Much?

  Reminder: NO Construction activity until after loan closing

• Permanent Loan Options Consultation

  Portfolio vs Secondary Market, Associated Fees, Qualifications, Terms, and Payments

• Permanent Loan Options Consultation

  Portfolio vs Secondary Market, Associated Fees, Qualifications, Terms, and Payments

• Complete Your Application

  Online, In Person, or over the Phone

  Deliver Applicable Supporting Documents (see attached list)

  Deliver Plans, Bids, Building Contracts, & Permits

• Construction Loan Estimate Delivered

  Permanent Loan Estimate Delivered

• Signed Permanent Loan Estimates
  Returned to the Bank

• Construction/Permanent Loan Processing Begins

  Appraisal, Title Work, and Flood Certification Ordered

• Construction Loan (KVSB) and Preliminary Permanent Loan (Gooi) Underwriting

  Preliminary Permanent Loan Approval --> Construction Loan Approval

• Construction Loan CLOSING

  Construction Draw Forms given/explained, Lien Waiver Discussion

• Construction Loan CLOSING

  Construction Draw Forms given/explained, Lien Waiver Discussion

• KVSB Construction DDA Account Opened

  Construction Begins

• Construction Draw Requested

• Construction Draws Funded

  Interest Accrual Begins

• Monthly Interest Payments Made to KVSB

• Construction Inspections Occur

  Foundation Complete, Framing Complete, Drywall Complete

• Final Construction Draw Requested

• Final Inspection by Bank

  - Order Completion Certificate from Appraiser

  - Completion Certificate Received from Appraiser

  - Final Disbursement Released to Borrower

• CONSTRUCTION COMPLETE

  Deliver Updated Supporting Documents

• CONSTRUCTION COMPLETE

  - Permanent Loan Estimate Re-Disclosure - If Necessary

  - Permanent Loan Processing

  - Lock Rate on Permanent Financing

  - Loan Estimate Rate Locked Re-Disclosure Delivered

  - Permanent Loan Final Underwriting

  - Permanent Loan Approval

  - Preliminary Closing Disclosure Issued

• Preliminary Closing Disclosure Receipt
  Confirmation Given

• Permanent Loan CLOSING

• Permanent Loan CLOSING

  - Recission

  - Loan Packet Delivery

  - Funding

  - Permanent Financing Rate Lock Expiration