BAM's Loan Process & Costs
Getting started, underwriting, and costs.
Getting Started, Underwriting & Costs
How Quickly Can Brighton Asset Management Close a Loan?+
Clean, complete loan files can close in as little as 7 to 10 business days, depending on the complexity of the transaction, title, insurance requirements, and borrower responsiveness.
How Do I Apply?+
Borrowers can submit a loan application online, or contact the lending team at info@brightonassetmanagement.com.
What Happens After I Apply?+
Our underwriting team, working with our partners at The Hard Money Co., reviews the transaction, evaluates the collateral, and issues a term sheet if the transaction meets our lending criteria.
What Documents Are Typically Required?+
For all loans:
- Completed loan application
- Unexpired government-issued ID
- Articles of Organization/Incorporation and EIN
- Operating Agreement or Bylaws
- Certificate of Good Standing
- Two months of business bank statements or Plaid verification
- Borrower real estate experience details
For purchase loans, additionally:
- Fully executed purchase contract (borrowing entity as purchaser)
- Earnest money receipt
- Detailed line-item scope of work and renovation budget
- Assignment agreement and wholesale fee disclosure, if applicable
For refinance or cash-out loans, additionally:
- Current property photos (all rooms and mechanical systems)
- Mortgage payoff statement, if applicable
- Verification of Mortgage (VOM)
- Detailed line-item scope of work if rehab funds are requested
- Letter explaining the purpose of the cash-out request
- Lease agreement, if the property is occupied
- Personal Financial Statement (PFS) for loans over $500,000
What Is Underwriting?+
Underwriting is the process lenders use to determine whether to approve your loan. At Brighton Asset Management, underwriting evaluates the property's value, borrower strength, exit strategy, liquidity, experience, and project feasibility.
Does Brighton Asset Management Require an Appraisal?+
No. Brighton Asset Management does not require an appraisal, but it is welcomed information if available.
How Do Construction Draws Work?+
For renovation projects, Brighton Asset Management disburses a portion of the total loan proceeds at closing, with the remaining funds held in a construction repair escrow. As work is completed, borrowers submit progress photos through a dedicated portal, and Brighton Asset Management typically approves and funds requested draws within 24 hours.
What Are Loan Origination Points?+
Loan origination points are fees paid at closing for originating the loan, expressed as a percentage of the total loan amount.
Does BAM Charge Interest?+
Yes. Brighton Asset Management loans accrue interest in accordance with the loan documents. Loans are structured as interest-only, meaning borrowers make monthly interest payments while the principal balance is due at payoff.
What Closing Costs Should I Expect?+
Closing costs may include title insurance, recording fees, legal fees, valuation expenses, lender fees, and other customary transaction costs. All costs are listed clearly on Brighton Asset Management's Loan Disclosure Documents.
Are There Upfront Fees or Prepayment Penalties?+
Brighton Asset Management doesn't charge any fees unless a loan closes, and does not charge any prepayment penalties. Borrowers may pay off a loan at any point during the loan term.
What Is an Extension Fee?+
An extension fee is charged when a borrower requests additional time beyond the original 6-month loan maturity date.
Still Have Questions?
Our lending team is happy to discuss your project and determine whether it's a fit.
Start Your Loan Application