15601 Dallas Parkway, Suite 900, Addison, Texas 75001
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*Borrower's First Name
Borrower's Last Name
*Is Borrower a U.S. citizen?
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*Are the Buyer and seller related by blood or marriage on this transaction? If yes, please explain.
*Has the borrower(s) ever been convicted of a felony? If so, what date did it occur and what was the name of the exact charge?
*Company name the borrower is closing in (must close in a corporate entity):
*What name is the property currently titled in (company or personal name), if applicable?
*Who makes up the entity and what are their percentages of ownership?
*Address of Property:
*Is this property zoned commercial or residential? If the property is zoned residential how many bedrooms and bathrooms does it have?
*Exact property type (Ex: SFR, 2-unit, 7-unit):
*Is this property type, considered a mobile or manufactured home at all? If yes, please specify in detail.
What is the properties square footage? (If applicable)
*How many acres of land is the property on?
*Purchase Price (if purchase, PLEASE ONLY FILL THIS IN IF THIS IS A PURCHASE TRANSACTION):
*Is the borrower(s) already in a purchase and sales contract
*Is the borrower(s) buying this property from a wholesaler? ? (If so, we will need a copy of both purchase and sales agreements/assignment agreement)
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*If yes, have borrower(s) put any earnest money down on the purchase?
If so how much?
*Was this purchase and sales contract entered into all cash?
*Current Fair Market Value of property.
*When does the borrower need to close?
*How much money does the borrower have to contribute towards the transaction (Need 35% down plus closing costs)?
*What is the borrowers net worth?
*Loan amount requested by borrower (A bridge loan will not come with more than a 65% LTV most likely)?
*If refinance (how much debt needs to be paid off on this property?)
If refinance what type of loan are the borrowers currently in? What are the loan terms?
If refinance, when was the property originally purchased and for how much?
If refinance, how much money was put down on the initial purchase?
If refinance (Is the borrower seeking cash out at all? If so, what do you want to use it for?)
If refinance, how much cash on hand does the borrowers have? (We will need this to calculate reserve requirements).
*Is the property owner occupied or a pure investment property?
If this is a pure investment property are all rents being deposited into a bank account and can they be tracked (if the property is already producing income)?
*What is the occupancy percentage of the property?
What is the plan to bring the occupancy to full (if applicable)?
*What is the monthly rental income on the property?
*What are the monthly taxes on the property?
*What is the monthly insurance on the property?
*Is there an HOA located at this property? If so, what is the monthly HOA fee?
If property type is a condo, is it a warrantable or non-warrantable condo?
How many BOUGHT AND SOLD (fix and flip) deals has the borrower done in the past 2 years? (Please provide list with dates bought and sold).
*Can the borrower(s) prove the bought and sold properties with Hud-1’s or settlement statements in the company name or personal name? (If not, the lender will not count this as experience!)
*How many investment properties has the borrower(s) sold in the past 3 years? (Primary home does not count. Properties could have been bought at any time.)
*How many investment/rental properties does the borrower(s) currently own, that are currently leased out (They must be rented with an actual leased tenant)?
*Borrowers Fico Scores? (Please list all borrowers scores)
*Please list borrowers home address
*Does the borrower(s) rent or own? Please list monthly payment.
*Does the borrower(s) own any other investment properties? If so, how many?
*Does the borrower(s) have any IRS issues/liens, Tax liens, judgments, past bankruptcies, past chapter filings, past foreclosures, past home modifications, recent or pending lawsuits against them, current delinquent bills, or any current or past credit issues we need to know about? If so, please explain and list date:
*Has the borrower(s) ever had any mortgage lates? If so, when were they?
*Does the borrower(s) regularly file taxes with the IRS? If not, what years were not filed?
*Does borrower(s) have a history of buying properties and getting them fully leased up?
*What is the exit strategy on the loan?
*What rates and terms are the borrower expecting?