The Process – From Start to Finish
Investing in rental properties has never been easier with RELM’s streamlined rental loan process. We understand the unique needs of real estate investors, and our dedicated team is here to guide you through every step. Here’s a comprehensive overview of the RELM rental loan journey:
Step 1
Pre-Qualification
Getting pre-qualified with RELM is quick and easy. We’ll perform a soft credit pull that won’t affect your credit score.
For rental property loans, we review your FICO score and Debt Service Coverage Ratio (DSCR) to ensure the rental income covers or exceeds the monthly mortgage payment for the loan you’re requesting.
Step 2
Loan Application
After you’ve reviewed your loan terms, it’s time to submit your application and order the appraisal.
For a rental property loan, you’ll typically need to provide:
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Government-issued ID
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Bank statements from the past two months
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Entity formation documents (LLC, corporation, etc.)
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Lease agreements (if refinancing)
Submitting these documents promptly helps keep your loan process moving smoothly and efficiently.
Step 3
Processing
Once your loan application is submitted, it moves into Processing for a detailed review. During this stage, several key steps take place:
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A property valuation is ordered — either a desktop review or an in-person appraisal, depending on the deal.
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Preliminary title documents are requested from your selected Title Attorney.
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Insurance coverage is verified or requested to meet lender requirements.
This stage typically takes about one week to complete and brings you one step closer to closing on your project.
Step 4
Underwriting
At this stage, all supporting documents have been received and the appraisal report has been reviewed. If the appraised value aligns with the initial estimate, your file will be submitted for underwriter review and approval.
If the valuation comes in higher or lower than expected, a revised loan cost summary will be provided for your review before proceeding.
The underwriting process typically takes 24 to 48 hours, after which your file moves to the Closing Department. There, the team will coordinate with the Title Company to prepare your closing documents, a process that usually takes another 24 to 48 hours.
Once finalized, a copy of the closing documents will be sent to you for review before your appointment, and you’ll wire any required funds directly to the Title Company.
Closing
Once your closing documents have been reviewed and approved, you’ll wire the required funds to the Title Company in preparation for settlement.
At your closing appointment, you’ll sign the necessary documents and officially receive the keys to your property — marking the start of your journey with your new investment property.
