A potential borrower calls and speaks to the borrowing department.
We will ask a series of questions to get all of the details we require in order to determine if the deal is something that Arres would be interested in proposing to its investors or not.
If  we think the deal is worthy, we prepare a commitment letter and other documentation which we send out to the Borrower to sign.  The commitment letter outlines all of the terms, interest rates, fees, and requirements Arres has in order to agree to lend the Borrower money.
The Borrower then signs and sends the documents back.
The Lenders lawyer is instructed to prepare the mortgage documenttion and send it to the borrowers lawyer.
The Borrower will meet with their lawyer to sign all documentation.
The Borrowers lawyer then sends the signed documents back to Lenders lawyer.
The mortgage is next submitted to Land Titles which can take anywhere from 2-10 days.
Once it is all registered at the Land Titles Office then the mortgage funds will be advanced to the Borrowers lawyer for distribution as per the commitment letter.