Here is the list of documents needed from borrowers:
2. Photos of the property (Interior / Exterior).
3. LLC Documents (Articles, EIN, signed Operating Statement).
4- Appraisal if available
5- Purchase agreement (if applicable.)
6- Financial Statements – Detail the income/expenses of the project, and how the loan will be maintained and paid off. Current projects need to provide a previous 2-year financial history. New or acquisition/development/construction (or ADC) loans require reserves, and we need to have at least a 5-year pro-forma on the project.
7- Sources/Uses of Funds – Provide a detailed breakdown of the project costs and expenses, where the funds are coming from, and who is in control of the funds. For legal, compliance and practical reasons – WE MUST ACCOUNT FOR EVERY DOLLAR IN A TRANSACTION, AND VERIFY WHERE THOSE FUNDS ARE COMING FROM. This is an international AML/BSA compliance requirement.
1- Signed Application FNMA 1003
3- Credit report if available
4. Sponsor Resumes and Bios – We must know who each of the principals are, their backgrounds, and their connection to the project. There should only be one LEAD principal, but we must review/qualify every project principal.
5- PERSONAL FINANCIAL STATEMENTS
6- REAL ESTATE OWNED SCHEDULE
7-THREE YEARS PERSONAL AND BUSINESS TAX RETURNS
8-THREE MONTHS PERSONAL & BUSINESS BANK STATEMENTS: ALL PAGES
9- SIGNED BORROWER’S AUTHORIZATION [ATTACHED]
11- OPERATING AGREEMENT BY LAWS
12- ARTICLES OF ORGANIZATION
13- COPY OF FIRE INSURANCE POLICY
14- Exit Strategy – Detail the plan for loan payoff and exit strategy for the project financing.
15- Supporting Documentation – any supporting documentation that you believe would be helpful during our review of your request. This will vary based upon the type and scope of the project.