Rehab Loan Submission: A commercial real estate loan on a property needing renovations. Most of the times these properties are vacant. We do these loans for 1-4 Unit investment properties and pure commercial properties (Ex. Strip Mall, Self-Storage facility, Multi Family Building 5+ units).
Borrowers Contact Info (Phone # and email):
Is borrower a US Citizen?
Company name the borrower is closing in (must close in a corporate entity):
Who makes up the entity and what are their percentages of ownership?
Address of Property:
How many acres of land is the property on?
What is the current square footage of the property?
Exact property type (Ex: SFR, 2-unit, 7-unit):
Is there an HOA where this property is located? If so what is it and when is it paid?
Is this property vacant or occupied? If it is occupied, by whom?
Will this property be turned into a different property type? (Ex, will a bedroom, bathroom, a floor, or more square footage be added to the property?)
Purchase Price (PLEASE ONLY FILL THIS IN IF THIS IS A PURCHASE TRANSACTION):
Is the borrower already in a purchase and sales contract?
If Yes, have they entered into this contract as an ALL CASH DEAL?
If in purchase and sales contract, has any earnest money been put down? If so how much?
Current Fair Market Value of property:
When does the borrower need to close?
ARV (After Repair Value) of property:
Exit Strategy on Loan (Refinance or Sell):
How long will the property take to rehab?
How much money does borrower have to put into the project (Must have 20-35% (depending on property type) of purchase price plus closing costs) PLEASE PUT IN A DOLLAR AMOUNT BORROWER HAS, NOT A PERCENTAGE. We will ask for a bank statement to verify these funds.
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 prove the bought and sold properties with Hud-1’s or settlement statements in their company name or personal name? (If not the lender will not count this as experience!)
How many investment properties has the borrower 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 currently own?
If the borrower already owns the property….when did they buy it? And how much did they buy it for?
If the borrower already owns the property, have they put any of their own funds into rehabbing it? If so how much? Can they prove the money they have put into the project with receipts?
If the borrower already owns the property how much existing debt is on it?
Borrowers fico scores (Please list all borrowers scores):
Please list borrows home address
Does the borrower rent or own? Please list monthly payment.
Does the borrower have any IRS issues, Tax liens, judgments, past bankruptcies, past chapter filings, past foreclosures, recent or pending lawsuits against them? If so please explain and list date:
Has the borrower ever had any mortgage lates? If so when?
What rates and terms is the borrower expecting?
Is the borrower already working with another broker or lender?
What is special about your deal?