Financing

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Salal Credit Union

Financing Requirements

Can have (1) or (2) Applicants

• One applicant must be on the title
• The other applicant can live in the home, must show proof (i.e. phone bill)
• Both applicants DO NOT have to be on the title
• Household income requires second person on the application
• Tier I: 680+ or better
• Tier II: 640 - 679

NO Pre-Payment penalty

NO commercial properties

Home must be in the applicant's name

• Cannot be an LLC, Corp., or Irrevocable Trust
• Can be a Revocable Trust

Application lasts 6 months

• Salal will re-run credit before at the (6) month mark

1st payment is autodrawn (30) days after job is complete

• If applicant(s) prefer a non-auto draw, the interest will increase by an additional .25%

Secured Loan: loan is associated with the applicant(s)

Next Steps…

1. Once approved, loan documents will be generated by Allegiant Roofing and sent to the customer via DocuSign
2. Once the loan documents are signed by both parties, the loan has been secured.
3. Once the project has reached completion, a Completion Certificate will be provided to Allegiant Roofing to complete and return to Salal Financing.
4. The signed completion certificate and a copy of the final invoice will then be reviewed for funding. Funding will be released directly to Allegiant Roofing.
   
   

What Would Halt the Funding to be Released?

1. If there are any discrepancies or if the credit has expired (over 180 days)
2. If the name, address, collateral selection are incorrect we will need to send new docs.
3. If the total amount on the docs does not match the invoice provided, we will need a new invoice or docs.
4. The invoice must have the borrower's full name and worksite address.
5. The project is incomplete

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