The 4 Things you need For a Fast loan
1. EXECUTIVE SUMMAR
Project name-typically the guarantor’s last name or the name of the LLC
Opening statement-an over view of who the borrower is and what he/she wants to accomplish.
Borrower info
-Borrowers names
-Middle fico score of each borrower (guarantor)
-The correct name of the entity that holds title
Loan request info
-Type of financing-Bankable or Bridge
-Anticipated rate
-Anticipated term
-Current value of the property
-Amount of financing requested
-LTV
-Purpose of refinance
-Purpose of cash out
Existing Debt (mortgages) on the subject property
-Lender name
-Pay off amount
-Monthly payments
Maturity date (when does it balloon)-this is so important!
Property information
-Address
-City and state
-Square footage of structure
-Number of units
-Vacancy percentage
-Purchase price
-purchase date
2. 1003 There a lot of people in this industry and say that you shouldn’t use a 1003 for in commercial you use a PFS (personal financial statement). I say that a well filled out 1003 is much better than a
3. Credit report- We are going to re-run credit once our LOI is executed so your credit report can be old and it will not bother us.
4. Pictures of the subject property- A good set of photos both inside and out will really help out. But if you have a borrower that just can’t get that for you, you can go to Google maps and put in the address and believe it or not…..a lot of
Loan amounts
In house-up to 1 to 2 million and as low as 25K.
In conjunction with capital partners-50 million
Lien position:
1st only
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Call Thomas Parker
Fax
usahardmoneyloans@yahoo.com
