Loan Application Process
Loan applications are accepted anytime. After receiving your completed online application, Jumpstart North Philly West staff will evaluate your application and respond with any questions or concerns. You will then be contacted, usually within 24-48 hours, to set up a time and date to tour your proposed property acquisition and construction project.
If the property is not yet under contract we can issue a pre-approval letter if the application is accepted. Please note all pre-approvals require an application and 24 hours.
If your loan application is approved, we will issue a Letter of Commitment which you must sign within 15 days and return to Skylight Homes, LLC office with your $1,500 Commitment Fee. Before settlement we will need a lender’s title policy, proof of builders’ risk insurance and a copy of your LLC’s operating agreement (if applicable).
At loan closing, you will be asked to review and sign loan and mortgage documents in order to receive funding for your project. Any questions about this process will be answered after you submit your loan application. Please note: No construction funds are disbursed at closing. When ready you will submit draw requests and we will conduct inspections; you will receive a check or wire 3-4 days after the inspection.
Any incomplete loan applications will not be considered for funding. Loan applications must include a construction budget, estimated cost of acquisition, profit & loss statement and comparable value of similar homes in the area (comps).
The above terms and conditions are for informational purposes only. They may change, from time to time, and be superseded by other terms, conditions, and loan documents.
To apply, please complete the following:
Development Budget / Profit & Loss Statement / Comps Please note – you must attach this form, completed, with your application.