The following items are the basic things we need to get started:
List for each type of loan shown
Owner of Business occupies building:
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3 years tax returns on borrower personally
3 years tax returns on borrowers business
Year-to-date profit and loss statement on business
Personal financial statement on borrower
Credit report on borrower
Investor buying rental producing property or properties:
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Year-to-date profit and loss statement on property
Rent roll on property
Pics on property
Personal financial statement on borrower
Credit report on borrower
Construction and Development
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Executive Summary- overview of the project, location, strengths of the deal
Detailed Resume’s of partners AND GC if not a partner, 3 Years financials on all borrowers, GC, and partners on the deal, & Personal Financial Statements on all borrowers and GC
Pro-Forma-projections on project, net income expected & detailed cost breakdown
Information on the property-demographics, absorption studies, marketing & management plans, etc.
Info on pre-sales and if so, proof of them. 50% pre-sales is preferred.
Startup Loans for businesses with little or no business experience:
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– Resume for borrower & partners
3 Years Personal Tax Returns
Projections & pro-forma
Business plan (with executive summary)
Personal Financial statement
Credit report
Loans to facilitate the purchase of churches and institutions
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– Church worksheet
– 3 years financials on church
Line of Credit for projects with unclear cost estimations
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Year-to-date profit and loss
Last years tax return
Last years profit and loss & balance sheet
Current accounts receivables & accounts payables aging report
Credit report on borrower
Explanation paragraph for use of funds
*These lists are not all inclusive. Once underwriting has reviewed the supplied information additional documentation may be requested.
