Closing & After Closing Events 

Before Closing

  • We underwrite the file in-house and then send to the investor for a clear-to-close and funding.

  • Servicer of the AIO Loan:

    • Northpointe Bank & Merchants Bank of Indiana.

    • They also provide the bank checking account tied to the HELOC.

Account Access Timing

Once we close, several steps will take place to set up and activate the account including the creation of its banking access features for the borrower's use.

  • A welcome package is mailed to the borrower by our AIO Bank Servicer to the mailing address on file. It can take up to 60 days to accomplish these steps.

  • Upon receipt of the welcome package, the borrower gains full access to their AIO Line of Credit and can begin using it to manage their cash-flow to help lower their outstanding principal balance and interest cost. Those with strong monthly residual income tend to save the most.

First Payments After The Loan Funds

  • Interest begins accruing the day the loan funds. As part of the loan's closing structure and to ensure enough credit is available to fund the first interest payment, the maximum initial advance amount cannot exceed 99% of the approved line of credit.

  • It may take up to 60 days to complete the account set-up and activation. It also provides borrowers with some liquidity once access is received.

  • The first payment equals the total daily interest that accrues between the day the loan funds to the end of the month activation is completed.

  • The first payment will draft from the All In One Loan™ Line of Credit on the 21st of the month, or the next business day if the 21st is a weekend or holiday.

  • As an example, if a loan funded on the 5th of June, which has 30 days, with a $300,000 principal loan balance and interest rate of 3.750%, and the account is activated on the 15th of July, which has 31 days, the first payment would equal the accrued daily interest from June 5th to July 31st (57 days) and be approximately $1,756.85 ($300,000 times 3.750% divided by 365 times 57 days). Therefore, approximately $1,756.85 would be drafted from the line of credit on the 21st of August automatically, or the next business day if the 21st is a weekend or holiday. From that point forward, all interest payments will be based on each months total daily interest expense.