Loan Process Information
STATED INCOME ONLY – for loans under $50,000
- Newcoast Application Form – this will need to be filled in complete to the best of your knowledge.
- Personal Financial Statement- you may use our form, or your own format. This is to give the bank an idea of your assets and liquidity.
INCOME VERIFICATION LOANS
- Newcoast Application Form
- Personal Financial Statement
- Bank/Brokerage statements - to verify liquidity on financial statements
- Income taxes for 2007 and 2008. Personal and Business including Schedule K1’s from the business returns to show distributions if any. (2008 proof of extensions will be required after 4/15/2009 if tax returns are not available)
- Current Pay Stub to verify income/employment.
- Copy of the PA, listing or price quote if available - we have pricing information on most boats; however options and custom features make each boat different. Banks are often requiring specific listing information on used and brokerage boats.
- LLC or S Corporation Information- ***this is not necessary for loan approvals; however, if the boat is going to be titled in this fashion, we will need this information before sending loan papers out. Typically the Corporate information is executed/drawn up upon approval of financing. Time frame varies for this in each state, allow up to 10 days for all corporate paperwork.
The above information will go to our Newcoast underwriting department for review and internally analyzed prior to sending to the appropriate bank. Once we have complete information, the bank turnaround time is generally 24-48 hours. Larger transactions can take additional time.
There are three ways to get this information to us:
- Send via email to
- Fax to: 727-450-1151 attn: Underwriting
- Send via FedEx and use our account 413705185 and mark “bill recipient” on the ticket
Newcoast Financial Services 727-450-1160
18167 US 19 North - Suite 300
Clearwater, FL 33764
Upon approval there are several other things that need to take place prior to drawing up the loan documents. This is more information for the broker/dealer than for you, the client.
- ETA/Delivery – RV to dealer, if the RV is not in stock.
- ETA/Survey – often on a used RV a survey is required by the bank. This
information will help us in the process and will allow for better communication.
- ETA/Closing - for loan funding after delivery /commissioning or survey.
- Dealer Contact Information - often there is support staff to handle all the paperwork.
- MSO/BC – for new RV’s only, a fax or scan copy is fine.
- Hull Number Verification - in the form of a photograph or pencil rubbing
- Registration/USCG documentation information – varies with individual bank requirements.
- Insurance Information - will need a binder prior to funding
For planning purposes, if the RV is in stock /loan application is approved we can have the transaction finalized in 4-7 days (if the LLC or S Corporation is in place or not required).
For a new RV on order or in the process of being built, upon issue of MSO/BC paperwork the same 4-7 day turnaround time would apply. Brokerage transactions can vary due to each transaction, for planning purposes allow 4-7 days after survey is completed.
We have a top notch team of underwriters, processors and closing department staff available at all times to help you with any part of the loan transaction process. Here is the staff and the order of the paperwork flow:
Once received, all applications are logged into the system; a file is set up and will go to:
Michael Plum (ext. 14511 – ) Manager, Credit Underwriting
Dee Hert ( ext. 14512 - ) Senior Credit Underwriter
All applications will be checked over and sent by Mike or Dee to the appropriate bank for approval. Complex packages with schedules may take more time; they will review each one and advise if there is a question or incomplete information. Upon approval, they will send me information with the bank, rate, amount financed and length of loan, and note any additional information that may be required, such as full survey, verification of liquidity, missing bank statement etc., the file then goes to:
Andrea Sprengart (ext 14502 – ) Sales Support/Closing Department Manager
Kelly Armstrong (ext. 14508 – ) Closing Department
Jessica Bowman ( ext.14507 – ) USCG Documentation-State Title Department
Andrea and Kelly oversee the closing department and will require any additional information such as the MSO/builders certificate, insurance, or current loan information, they handle “The Paperwork” part. They will order the abstract title work, coordinate with the documentation companies, and handle preparation of all the loan documents and send to the clients for signatures. They handle all bank wiring and routing and all the details involved in settling each transaction.
We look forward to helping you get into the RV or motorhome of your dreams and making the finance process simple and hassle free.
Thank you for choosing Newcoast.
Newcoast Financial Services
Toll free 866/639-2627
Fax 727/450-1151
18167 US 19 North - Suite 300
Clearwater, FL 33764