Contacting Eagle River Mortgage
Eagle River Mortgage is open Monday through Friday 8 a.m. to 5 p.m. Mountain Time, so when you need a rate quote or questions answered you can call toll free 1-800-701-4222 or (208) 319-9999 locally. At any time in your shopping process, our highly skilled loan originators will be happy to assist you in finding the program that best suits your borrowing goals. Our staff is trained to give you straightforward, honest answers that make getting the right loan easy. Whether you want a Good Faith Estimate, Pre-Qualification, or a Property Evaluation, you never have to leave your home or office. Eagle River Mortgage will gather the proper information online or over the phone, and email, fax or mail the necessary documents directly to you.

Applying
Eagle River Mortgage invites you to visit our office at 439 E Shore Dr, Suite 120 in Eagle, Idaho 83616 for a face-to-face consultation. You may also utilize the Required Docs portion of this webpage to print out our Commercial Loan Application and necessary templates for a full package submission via fax: 208-319-0532, email: loans@loanidaho.com or to be delivered in person to our office.

Within 24 hours you will be sent a confirmation of your commercial loan application. This confirmation will include a Good Faith Estimate of Settlement Charges, a Broker Agreement and a list of documentation Eagle River Mortgage requires to expedite the processing or your loan. You will be requested to return these documents in a timely manner by mail, email or by fax.

Processing
Once the Loan Officer receives your application, he/she pre-screens your file based on property, income and credit worthiness. (Your Loan Officer is your point of contact for any questions relating to your loan.) He/she then gathers and assembles all documentation necessary for your commercial loan package. This will include: executive summary, borrower credit and financial analysis, subject property income analysis, property profiles, preliminary title reports, rent roll/lease summary, financial spreadsheets, property plats, floor schematics, subject property photos, preliminary environmental reports (if needed), area maps and demographics, and any other information deemed necessary by your Loan Officer for a successful loan package. Your Loan Officer will then package your commercial loan request and submit it securely to a minimum of three lenders. These lenders are chosen out of our database of Lending Sources based upon a tailor-fit basis for you loan request. Typically your Loan Officer will have had several conversations concerning your loan package with these lending sources prior to submission, so he/she already knows they have a high interest in your loan request.

Underwriting
Once your commercial loan package is submitted to the lender, we then receive a Letter of Intent (LOI) from them. The decision by the loan committee of the lender to issue a LOI (this letter specifies the terms and conditions of the proposed loan they are willing to offer; this is not loan approval or full loan commitment) is based upon several basic factors including, but not limited to: credit, income, debt service ratio, loan-to-value, cash savings/reserves, environmental reports, clear title and property appraisal. The loan committee typically takes one to five days to render the letters of intent after a full submittal. If any issues arise during the initial underwriting process, your Eagle River Mortgage Loan Officer will immediately contact you with instructions on how to best satisfy the underwriting issue. Once the LOI is issued, Eagle River Mortgage will assist you in negotiating the best terms, fees, and conditions amongst the lending source. At this point after choosing the most competitive offer, you sign and return the final LOI along with a check for a deposit and third party reports (appraisal, environmental reports, etc.) After all third party reports are completed and any/all other underwriting conditions have been satisfied, the final loan package is resubmitted to the loan committee for final approval. It is at this point the lender will issue the final full loan commitment.

Closing
After you have been approved, Eagle River Mortgage will prepare the closing documents that will be supplied to the closing agent in your area that will handle the closing. Closing usually occurs within days of approval. Because we work with national service providers, we have confidence that the closing will be scheduled in a timely manner and that the closing of the loan will proceed without difficulty or inconvenience.