Most borrowers submit a prequal and then wait — not knowing if they're going to get a call in an hour or a week, or what the call will be about. That ambiguity is frustrating and unproductive. So here's exactly what happens after you hit submit on a BD Lending prequal, in order, with no vagueness.
Step 1 — BDL Reviews Your Submission (1–2 Business Days)
Your prequal goes directly into our review queue. We look at the deal against our core criteria: loan size, LTC and ARV, use of proceeds, asset type, Texas location, and borrower experience. We're looking for a fit, not a reason to decline — but we're also not going to chase a deal that doesn't work.
Within 1–2 business days, you'll hear from us with one of two outcomes: we want to move forward, or we don't — and if we don't, we'll tell you exactly why. No vague passes. If it's a loan size issue, we say so. If it's an LTV problem, we say so. If the use of proceeds doesn't fit, we tell you that specifically. You deserve to know why so you can find the right lender for your deal.
The more complete your prequal, the faster the review. Having a purchase contract or payoff statement, a rent roll or construction budget, and a clear exit strategy (sale at what price, refi into what product) in your head before you submit will make the first call much more productive.
Step 2 — If the Deal Works: Preliminary Sizing
If we're interested, we respond with a preliminary deal view — what the loan looks like in terms of amount, LTC/ARV, rate, term, and origination. This isn't underwriting. It's our read on the deal based on what you told us, and it's subject to change as we learn more. Think of it as our version of "yes, let's keep talking."
At this point, we'll ask for any additional information we need before issuing a Letter of Interest — additional deal context, a construction budget, a rent roll, whatever is relevant to your specific deal.
Step 3 — Letter of Interest (LOI)
If the deal holds up through preliminary review, BD Lending issues a Letter of Interest. Here's what you need to understand about our LOI before you see it:
- It is static and non-negotiated. The LOI reflects BD Lending's preliminary interest based on the information you provided. It is not an opening bid. The terms in it are what we're willing to do based on what we know at this stage.
- It is not a commitment to lend. No underwriting has occurred. No appraisal. No title review. No credit pull. The LOI is BD Lending saying: based on what you've told us, we want to look at this deal seriously.
- It has an expiration date — typically 5 to 7 business days. If you need more time, communicate that before it expires.
Step 4 — The $5,000 Engagement Fee
Before BD Lending executes the LOI — meaning before we sign it — a $5,000 engagement fee is required. This is non-refundable once underwriting work has begun.
The fee exists for a reason: it opens active underwriting. Once we have a signed LOI and a confirmed fee, BD Lending assigns a named deal contact, initiates title engagement, processes the hard credit pull authorization, and begins due diligence in earnest. The fee is the gate between "we're interested" and "we're working your deal."
Borrowers who are serious about a deal understand this. If the fee is a dealbreaker, it usually means the deal isn't actually ready — or the borrower isn't committed to it. We'd rather know that now than after we've spent three weeks in underwriting.
A named BDL contact who owns your deal. Active title engagement. Hard credit pull. Due diligence coordination. Closing navigation — with BD Lending working alongside you as your capital partner from LOI to the closing table.
Step 5 — Underwriting Begins
Once the LOI is signed and the engagement fee is received, active underwriting opens immediately. You'll get a document checklist — entity documents, personal financial statements, tax returns, rent roll, construction budget, and whatever else is specific to your deal. The faster those documents come in, the faster we move.
BD Lending initiates title. We order the appraisal (borrower is responsible for appraisal cost, typically $2,500 to $5,000 depending on asset type). We process the hard credit pull. Due diligence runs in parallel with closing prep so we're not doing things sequentially when they don't need to be.
From LOI execution to close, the timeline depends on document turnaround and whether UW surfaces any material issues. Clean deals with complete documentation move fast. Deals where documents trickle in over two weeks do not.
The Shortest Version
Submit prequal → BDL reviews in 1–2 days → preliminary sizing if it works → LOI issued → $5,000 fee required before BDL signs → underwriting opens → close. That's it. No surprises, no mystery. Every stage is designed so you know exactly where you stand.
If you haven't submitted yet — start here. Takes five minutes.