Residential Properties

Purchase & Rehab

  • Purchase contract / HUD (from original closing)
  • Scope of work / construction estimate
  • CMA or Comps to support the after renovated value
  • Bank account(s) statement or screen shot of account(s) reflecting liquidity sufficient to come with the down payment and have funds to get construction rolling.
  • Borrower DOB
  • Borrower Last 4 SSN
  • Borrower Primary address

Refinance

  • Purchase contract / HUD (from original closing)
  • Has rehab work already been done? Yes/No?
  • If Yes, Scope of work / construction estimate from original rehab
  • CMA or Comps to support the Value
  • Bank account(s) statement or screen shot of account(s) reflecting liquidity sufficient to come with any additional funds needed for closing
  • Borrower DOB
  • Borrower Last 4 SSN
  • Borrower Primary address
  • Original HUD from closing
  • Lease Agreements in place

Construction

  • Purchase contract / HUD (from original closing)
  • Scope of work / construction estimate
  • CMA or Comps to support the after renovated value
  • Bank account(s) statement or screen shot of account(s) reflecting liquidity sufficient to come with the down payment and have funds to get construction rolling.
  • Borrower DOB
  • Borrower Last 4 SSN
  • Borrower Primary address
  • Most recent ground up construction project

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Commercial Properties

Construction

 

  1. EXECUTIVE SUMMARY OF THE DEVELOPMENT
  2. CONSTRUCTION BUDGET including hard and soft costs.
  3. BACKGROUND / BIO ON EACH PARTNER emphasizing development / construction / renovation / real estate experience and past projects that have been completed successfully.
  4. BACKGROUND / BIO / RECENT SIMILAR PROJECTS COMPLETED for each architect, contractor and construction manager (if applicable).
  5. A PERSONAL FINANCIAL STATEMENT FOR EACH PARTNER with an interest of 10% or more.
  6. LAST TWO YEARS’ 1040 TAX RETURNS for each partner with an interest of 10% or more in the project.
  7. PROPOSED SALE PRICES AND MARKETING PLANS for completed units (only if condominiums).
  8. COMPARABLE SALES INFORMATION for both the residential apartments, and any commercial space (only if condominiums).
  9. RENTAL ANALYSIS OF THE PROPERTY (based on the estimated rental value of the completed units, including any commercial space).
  10. COPY OF FULLY EXECUTED PURCHASE CONTRACT
  11. COPY OF APPROVED BUILDING PLANS
  12. COPY OF ZONING ANALYSIS
  13. COPY OF DEED
  14. EVIDENCE THAT THE PARTNERS CONTROL ANY DEVELOPMENT RIGHTS NECESSARY TO EXECUTE THE PLANS
  15. TIMELINE showing key points from beginning to completion of project.
  16. COPY OF THE CONTRACT between the developer and the general contractor.
  17. LLC AGREEMENT OR ARTICLES OF INCORPORATING OF ENTITY, IF ANY

Hotel/ Hospitality

 

  1. INCOME/EXPENSE STATEMENT for the last 3 years with monthly and annual figures.
  2. SUMMARY OF ALL COMMERCIAL OR DEPARTMENTAL LEASES (if any) showing escalations and expirations, and the summary of the terms of any franchise agreements.
  3. COMPLETE, DETAILED PHYSICAL DESCRIPTION INCLUDING SQUARE FOOTAGE.
  4. IF ACQUISITION, PROVIDE COPY OF FULL EXECUTED CONTRACT OF SALE.
  5. IF REFINANCE, PROVIDE THE ORIGINALLY PAID PRICE FOR THE PROPERTY, date originally purchased and summary of current financing.
  6. PHOTOS (at least 5)
  7. PROPERTY SURVEY OR SITE PLAN
  8. SUMMARY OF CURRENT FINANCING (for refinance only) including:
    • Current Lender
    • Current principal balance
    • Current interest rate
    • Current monthly payment
    • Maturity date
    • Prepayment penalty information

  1. CURRENT PERSONAL FINANCIAL STATEMENT
  2. LAST THREE YEARS’ BUSINESS TAX RETURNS
  3. BACKGROUND / BIO FOR EACH PARTNER AND FOR THE OWNERSHIP ENTITY EMPHASIZING HOTEL / HOSPITALITY INDUSTRY / REAL ESTATE EXPERIENCE
  4. BACKGROUND INFO ON MANAGEMENT COMPANY, only if separate from ownership.
  5. RENOVATION HISTORY FOR ATLEAST 3 YEARS with project descriptions and the approximate amount paid for each.
  6. CURRENT BUSINESS FINANCIAL STATEMENT
  7. LAST TWO YEARS PERSONAL TAX RETURNS

Multi family or mixed use

 

  1. CURRENT RENT ROLL including:
    • Regulated units ( controlled, stabilized)
    • Apartment number
    • Room / Bathroom count

  1. COMPLETE INCOME / EXPENSE STATEMENT on the property including:
    • Annual property taxes
    • Insurance
    • Water / Sewer
    • Fuel, Electricity
    • Maintenance / Repairs & Management

  1. SUMMARY OF ALL COMMERCIAL LEASES (if any) that show expirations and escalations
  2. COMPLETE, DETAILED PHYSICAL DESCRIPTION INCLUDING SQUARE FOOTAGE.
  3. IF ACQUISITION, PLEASE PROVIDE A COPY OF FULLY EXECUTED CONTRACT OF SALE.
  4. IF REFINANCE, PROVIDE THE ORIGINALLY PAID PRICE FOR PROPERTY, date of purchase and summary of current financing.
  5. PHOTOS (at least 5)
  6. SITE PLAN OR PROPERTY SURVEY, if available.
  7. SUMARRY OF CURRENT FINANCING (refinance only) including:
    • Current Lender
    • Current principal balance
    • Current interest rate
    • Current monthly payment
    • Maturity date
    • Prepayment penalty information

  1. CURRENT BUSINESS FINANCIAL STATEMENT
  2. CURRENT PERSONAL FINANCIAL STATEMENT
  3. LAST 2 YEAR PERSONAL AND BUSINESS TAX RETURNS

Owner Occupied

 

  1. CURRENT BALANCE SHEET
  2. LAST 3 YEARS PROFIT AND LOSS (P&L) STATEMENT AND YEAR TO DATE P&L
  3. COMPLETE INCOME / EXPENSE STATEMENT on the property including:
    • Annual property taxes
    • Insurance
    • Water / Sewer
    • Fuel
    • Electricity
    • Maintenance / Repairs
    • Management

  1. SUMMARY OF ALL LEASES (if any) showing escalations and expirations
  2. COMPLETE, DETAILED PHYSICAL DESCRIPTION INCLUDING SQUARE FOOTAGE
  3. IF REFINANCE, ORIGINAL PRICE PAID FOR PROPERTY, date of purchase and summary or current financing.
  4. IF ACQUISITION, COPY OF FULLY EXECUTED CONTRACT OF SALE
  5. PHOTOS (at least 5)
  6. SITE PLAN or property survey.
  7. SUMMARY OF CURRENT FINANCING (refinance only) including:
    • Current Lender
    • Current principle balance
    • Current interest rate
    • Current monthly payment
    • Maturity date
    • Prepayment penalty information

  1. FULL DESCRIPTION AND/OR HISTORY OF BUSINESS
  2. RESUME OF PRINCIPAL / BIO
  3. LAST 2 YEARS OF PERSONAL AND BUSINESS TAX RETURNS
  4. COPY OF DEED

Shopping/Industrial/ Office

 

  1. CURRENT RENT ROLL including:
    • SF of units
    • Lease abstract details such as
    • Escalations, commencement and expirations, add-ons, description of tenant, Description of any added rent that the tenant is responsible for (In addition three year historical data would be ideal)

  1. COMPLETE INCOME / EXPENSE STATEMENT on the property including:
    • Annual property taxes
    • Insurance
    • Water / Sewer
    • Fuel Electricity
    • Maintenance / Repairs
    • Management
    • Leasing commissions, tenant improvements

  1. COMPLETE DETAILED PHYSICAL DESCRIPTION along with the SITE PLAN or Property Survey.
  2. IF REFINANCE, PRICE THAT WAS ORIGINALLY PAID FOR THE PROPERTY, date of said purchase and summary of current financing.
  3. IF ACQUISITION, PROVIDE COPY OF FULLY EXECUTED CONTRACT OF SALE.
  4. PHOTOS (at least 5)
  5. SUMMARY OF CURRENT FINANCING (refinance only) including:
    • Current Lender
    • Current principle balance
    • Current interest rate
    • Current monthly payment
    • Maturity date
    • Prepayment penalty information

  1. INFORMATION ON MANAGEMENT COMPANY, if separate from ownership.
  2. CURRENT BUSINESS FINANCIAL STATEMENTS
  3. CURRENT PERSONAL FINANCIAL STATEMENTS
  4. LAST TWO YEARS PERSONAL TAX RETURNS
  5. LAST TWO YEARS BUSINESS TAX RETURNS