Download a pdf of this page
Download the required Commercial Affidavit
Checklist: Rehabs – multi-family
The more information we have, the more quickly we will reach a decision. 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. If there are multiple deals, please put each one together separately. The more information you give, the more consideration we will give your deal.
Please send the following information electronically, no paper please. The items that are BOLDED are required, the rest are nice if you have them to have. We will pull comp sales but if you have specific ones you want to point out, please do.
1. Your contact information: REQUIRED
· Name
· Address
· Cell phone
· Home phone
· Business phone
· Fax
2. Your background as an investor REQUIRED 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 REQUIRED
· 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 REQUIRED – all four sides outside, inside should be kitchen, baths, HVAC, elec panel, water supply if well – no phone shots – 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 a refi, anything that documents the value of the property.
· Appraisal (even an old one if you have it)
· List of rents and expenses. Be sure to include # of 1BR’s, 2BR, Studios, etc and rent of each. Expenses should include utilities, taxes, insurance, maintenance and repairs. From this we will create a proforma, so if you have already done one, please forward it.
4. Executive SummaryREQUIRED should include: (Executive summary is simply your outline of what you are doing with the deal)
a. In your words, not mine, I need the plan for the deal. Don’t assume because you told me on the phone that is enough, I need it in your words in writing.
b. How much you want to borrow and for how long
c. Your exit strategy
d. Budget including
i. Acquisition cost
ii. Assignment fee
iii. Carrying costs (taxes, insurance, etc)
i. Your estimate of financing costs
ii. Rehab plan including
§ List of items to be redone
§ Budget – by line item
§ Timeline
5. Commercial loan affidavit REQUIRED – download here
6. About credit scores and cash reserves- we don’t ask for credit scores unless your exit strategy is to refinance, then they matter a lot. By all means, though, if you have a decent credit score, it will strengthen the deal. Same with cash reserves: if we know you can stick it out if a deal gets in trouble, it will also strengthen the deal
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. If you take the time to give me all the data possible up front, it will shorten the time to deal approval. If you are missing some of this information, or are not sure how it applies to your deal, please contact us.
Ann Bellamy 800-418-0081 ann@buynowhardmoney.com