Forms and More
These are the most exciting part. Not really, I don’t like them either, but they are necessary. Here are all the forms we use, along with a list of other items needed. You will need some of these, but not probably not all. Overall, most people have this done in about 30 minutes.
We use all this information to get you matched up with the best loan for you and your rehab project. It also summarizes what to expect from the process. Remember to submit the additional documents listed on the application and here. Any loan MAY require tax returns.
Don’t fill out the forms in a browser window. For some reason PDF don’t always save the information you’ve entered. Use the actual Adobe application.
We keep everything you submitted before. Unless it is expired or changed, we don’t need it again.
Property Purchase Information
We need this for every property, for every deal. If you’ve worked with us already, you’re familiar with the routine.
Application Instructions. You need this.
You also need to submit the following items. Some may come later, but sooner is better. Mostly, these are items you should have based your offer on.
- Purchase and Sale Agreement
- Photos of the property. (About 20, exterior, interior, kitchen, baths, HVAC, electrical panel, water heater)
- Any documents you have supporting the As-Is property value
- Any documents you have supporting the ARV
- Property insurance naming the lender as additionally insured will be needed a few days before closing.
Scope of Work Template If the loan received a contingent approval, we need this form. This gives us a general idea of the work you have planned for the property. It is not a substitute for a contractor quote. We’ll need this for every property. Use the dropdown fields, and make sure you indicate the finish quality.
These are good until they expire or change.
Authorization We can pull your credit, and do a background check. One per person with an ownership interest in the deal.
- Most recent 3 Months Bank Statements for personal account (these do expire)
- Driver’s License (Color Copy) (these do expire)
- A brief bio on you and your involvement in real estate. A couple paragraphs is fine. (First time)
- A copy of your tri-merge personal Credit Report showing FICO scores*. (First time)
- 2 years tax returns if the requested loan is under $75,000. May not be needed for over.
* CreditCheckTotal.com is one source.
Real Estate Experience We all know newbies have the highest risk. We ask for 3 deals on the application. It’s OK if this is your first deal. It only takes a couple deals to start getting better rates and terms. Track your deals with this spreadsheet.
If you’re a pro, and want the pro rates, you’ll need this form to list your past and current deals. The hardest part will be making the initial list of deals you’ve done. Professional rates (75+ deals) are 2-3% lower.
There are no downloads. But you have to submit the following for your entity.
- Articles of Organization or Articles of Incorporation
- Operating Agreement or Corporate By-Laws
- Most recent 3 Months Bank Statements for Entity. If you don’t have an account yet, let us know.
- 2 years tax returns if the requested loan is under $75,000. May not be needed for over. Only if you file separately from your personal return.
Broker Agreement and Disclosures.
We need these once. If we ever need them again, we’ll let you know.
Broker Agreement Basic agreement. We work for you. We get paid.
Broker Disclosure We may use a compute to estimate your property value.