From the beginning, a borrower or its intermediary will work directly with one of the two voting members of our credit committee. This allows us to execute on an extremely efficient and streamlined approval process that is void of multiple sequential credit approvals. After an initial review of transaction materials, the reviewing member of the credit committee will work in concert with the other member of the committee if there is initial interest regarding a transaction. Thereafter we will schedule a series of conference calls to ascertain the relevant information necessary to present the opportunity to our credit committee. Within as little as 48 hours, Emerald Crest will issue a term sheet if interest continues. A term sheet is not issued without full sign-off from the credit committee.
After the negotiation of a term sheet, a prospective borrower will remit a small good faith deposit to cover out of pocket expenses related to the confirmatory diligence and underwriting required by our fund. Confirmatory diligence and underwriting can be completed as quickly as a week but more typically requires two to three weeks. After diligence is completed, we turn to legal drafting and typically expect to finish legal documentation within one week with an anticipated funding shortly after execution (typically within 48 hours).