LOAN DOCUMENTATION REQUIREMENTS

Our real estate lending company has a short list of requirements for loan approval. Take a closer look at what you need to get started growing your portfolio. Requirements and documentation include the following:

1. STATE OF TEXAS PROPERTIES ONLY.
2. INVESTOR N/O/O LOANS ONLY
3. INDIVIDUALS, LLCs AND CORPORATIONS ALLOWED. (IF COMPANY, DOCUMENTS WILL NEED TO BE PROVIDED.)
4. FULL NAME, CURRENT ADDRESS & SOCIAL SECURITY# OF INVESTOR/BORROWER.
5. COPY OF EXECUTED SALES CONTRACT (CURRENT TREC FORM)
6. MAXIMUM LTV OF 70% BASED OFF THE AFTER REPAIR VALUE
7. SINGLE FAMILY RESIDENCES, MULTI-FAMILY RESIDENCES,  AND RAW LAND ONLY.
8. 1ST LIEN POSITION ONLY.
9. 3-18 MONTH TERMS WITH INTEREST DUE MONTHLY AND AT MATURITY. 
10. MINIMUM INTEREST RATE 11.9%, MAXIMUM INTEREST RATE 13%. RATES WILL BE DETERMINED PRIOR TO CLOSING. NO SURPRISES AT CLOSING. 2-5 COMMITMENT POINTS/FEES CHARGED AT CLOSING. FEES WILL BE DECIDED PRIOR TO FINAL APPROVAL.
11. HAZARD/HOMEOWNERS INSURANCE REQUIRED (MIN. COVERAGE AMOUNT EQUAL TO OR GREATER THAN LOAN AMOUNT).
12. PROPERTY INSPECTION REPORT (*UPON REQUEST).
13. TITLE POLICY.
14. TAX CERTIFICATE.
15. SURVEY (* AN EXISTING SURVEY CAN BE USED IF LESS THAN 10 YEARS OLD).
16. LIST OF REPAIRS TO BE COMPLETED AFTER PURCHASE.
17. LETTER FROM BORROWER – EXPLANATION OF EXIT STRATEGY.