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Checklist: Land
The more information we have, the more quickly the lender will reach a decision, and the more lenders who may be interested in your loan. I cannot present to a lender until I have the complete package, so part of the information doesn’t get us very far. None of this has to be fancy, it doesn’t matter if it’s emailed or faxed, attachments and zip files are fine. We prefer electronic versions rather than hard copies so that we can quickly submit them to a lender. If there are multiple deals, please put each one together separately. The more information you give, the more consideration the lender will give your deal.
1. Your contact information:
• Name
• Address
• Cell phone
• Home phone
• Business phone
• Fax
2. Your background as an investor and/or developer (this information is provided one time only, we want to know how much experience you have doing this type of deal) Can be bullet points, or lists of deals or current portfolio
3. Property Information (the property that is going to be collateralized for the loan) (bolded is important)
• Purchase & Sale Agreement for the property in question if this is a purchase
• Name and address under which the property is currently held
• Copy of Deed or Citation (City, County, State, Book, Page)
• Tax Card (if the information is online, provide Map & Block, and URL if possible)
• Photos of property – Show the entrance, the street scene in two directions and across the street, and any views– must be higher res
• ARV and COMPS TO SUPPORT IT – show me why you think the property is worth more than you are paying for it. If you already own the property, supply any evidence of current value if you have it.
• Plot plan, subdivision plan, site plan approvals, permits, septic approvals, or any other permits or approvals you have for the property
• Appraisal (even an old one if you have it)
4. Executive Summary should include: (Executive summary is simply your outline of what you are doing with the deal)
• In your words, not mine, I need the plan for the deal.
• How much you want to borrow and for how long
• What the money will be used for
• Your exit strategy (how you will pay off your hard money loan
You understand quite well what you plan to do with this deal. This seems like a lot of information, but actually, it is all information that you should already have if you have decided to do the deal. Help me present it clearly and concisely to the lender so we can see your vision also. If you take the time to give me all the data possible up front, it will shorten the time to lender approval. It will also allow me to present to multiple lenders if appropriate. I want to get your deal funded, so please help me do that. We may come back for more information, but if we have all of this going in, it will shorten the time needed and ease things along. If you are missing some of this information, or are not sure how it applies to your deal, please contact us.