Legacy Group Capital

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Broker FAQs

Broker FAQs

Please get in touch with us using our Contact Form.
Yes, we accept referral transactions. Please be advised that we only compensate the referring partners if you are an Approved Broker with us and a Licensed Originator. If you are a Real Estate Agent, we still welcome all referrals and will assign a licensed Legacy Loan Originator to your transaction.

All loan submissions are sent to capitalsubmission@legacyg.com. If you have any questions before your loan submission, please contact us using our Contact Form. Please refer to our Broker Resources Page for Application Forms. All loan submissions should be sent through a secure portal.

Upon receipt of your file, we will review the submission for all required documents. Within three days of submission, initial disclosures will be sent to the brokering Loan Originator and Borrower, and the file will be moved to initial underwriting review.

Yes, all exception requests must be made in advance using our Contact Form. Our Loan Committee will review the exception request before formal approval. Exception requests should be clearly outlined in the “Notes” section of the Submission Sheet and Document compensating factors for the request. Please note that a pricing adjustment to the rate may apply.

No, we will handle that for you. We will request Title and Escrow from the agency of your choice; please include this information in the bottom section of the Submission Form. We will order the Appraisal after the Borrower and Loan Originator have acknowledged the initial disclosures. Please collect the “Borrower’s Authorization for Payment” from the Borrower. The Broker Loan Originator/Company is responsible for any applicable appraisal charges if the Authorization is not collected.
The initial approval provided by the underwriter will outline the Broker/Borrower and our internal conditions. Please work with your Borrower to gather all the required Broker/Borrower conditions. All Broker/Borrower conditions should be submitted at one time through a secure portal. Conditions sent in individually will be reviewed once all conditions have been received.
Congrats! After the clear to close has been issued, our doc/funding team will work to prepare the CD and final documents. After all parties have acknowledged the CD, the final documents will be released to escrow. Our funding team will coordinate with escrow and balance the final numbers. Once the file has been balanced, we will escrow the OK to set a signing appointment. Please send your final broker demand to escrow to confirm broker compensation and payment instructions. All broker compensation will be paid directly from escrow.
After closing, your Borrower will receive a welcome email from our Servicing Department. This email will explain the next steps regarding the payment and draw requests. If the transaction is a construction or rehab loan, your Borrower will also receive an initial welcome email outlining the next steps.

All draw requests are submitted through OneSite. If your Borrower did not receive their initial credentials, please have them email servicing@legacyg.com. Once we receive the draw request, we will request a 3rd party inspection for the requested items. Funds will be reimbursed back based upon % of completion items.

Your Borrower should have received a welcome email from our Servicing Department after the initial funding of your transaction. If they have not received this or misplaced the information, please have them email servicing@legacyg.com or call 425-635-4700 or toll-free 800-809-1822: Ask for Servicing/Payments. Payments can be made over the phone, through autopayment, or an available interest holdback account. Payment Statements are mailed on the 1st of the month, and payments are late after the 15th.

Payoff requests submitted by the Borrower can be submitted using our Pay Off Request Form. If you are a third party making the request, please contact servicing@legacyg.com. All third-party requests should include the Borrower name(s), account number, good through date, and the Borrower’s signed Authorization with the request.

If a loan extension is required, please inform us before the loan’s maturity. A one-time extension may be granted as outlined in the Promissory Note. Please refer to the Promissory Note for rate and extension fee information.

Does Legacy Group Capital allow Owner-Builder transactions?Owner/Builder transactions are reviewed case-by-case by our loan committee. Please complete the Owner/Builder questionnaire and Builder resume before requesting. The form can be found on our Construction Resources page.

We write loan terms in 3, 6, 9, and 12-month increments. Our loans do not carry a prepayment penalty and can be paid off before maturity.
To protect all consumers, we will always underwrite transactions with conventional guidelines in mind. Our long-term qualification scenario may be based on a rate higher than the current market to mitigate risk. This scenario allows for ratio flexibility if rates adjust higher than when the loan initially closed. Legacy’s policy is to underwrite long-term takeouts at 1% over the current market par rate. For example, if the current market is 6%, the exit scenario will be underwritten to 7%.
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