Cheat Sheat

SHORT-APP CHEAT SHEET

TOP QUESTIONS FOR BORROWERS

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This helpful cheat sheet will guide you in gathering the necessary information needed to submit a thorough, accurate, and complete loan request online.

BASIC INFORMATION

  • Borrower First & Last Name:

 

  • Borrower Email:

 

  • Borrower Phone:

 

  • Property Type:

 

  • Loan Purpose:

 

  • Loan Amount:

 

  • Purchase Price or Market Value:

 

PROPERTY INCOME & EXPENSES

  • Are income and expenses on the property Actual or Proforma?:

 

  • Gross annual income:

 

  • In put vacancy factor at 5% on all CRE and multifamily properties (not needed for 1-4 unit):

 

  • Total annual expenses (not including mortgage payments and deprecation):

 

BORROWER FINANCIALS

  • Estimated Credit Score:

 

  • Number of Properties Owned:

 

  • Total value all real estate owned:

 

  • Total Cash Reserves (Checking, Savings):

 

  • Investment Total (Stocks, Bonds, Life Insurance):

 

  • Personal Property Total (Auto, Funiture, Jewelry, Other):

 

  • Other Business Owned Value:

 

  • Total Mortgage Debt (All Props Owned)

 

  • Total Credit Card Debt

 

  • Other Loans (Auto, Busines, Personal)

 

  • Taxes & Bills Owed

 

REFINANCE LOANS

  • Date Acquired:

 

  • Original Cost or Purchase Price:

 

  • Existing Lien/Loan Balance:

 

  • Purpose of Refinance (Summary):

 

  • Is there a Prepayment Penalty?:

 

  • Cash-Out Amount Desired?:

 

  • Existing Lender Name:

 

  • CapEx Summary (What has been done?):

 

  • Is the mortgage current?:

 

CONSTRUCTION / REHAB LOANS

  • ARV (After Rehab/Construction Value):

 

  • Construction / Rehab Costs:

 

  • Total Project Cost (Purchase Price + Rehab/Construction Costs):

 

  • Construction / Rehab Summary:

 

  • # of Similar Projects Completed?

 

  • Project history and description of projects completed:

 

OWNERSHIP TYPE

  • Property Entity Name (LLC, LTD, Other)

 

  • Manner in which title will be held:

 

PROPERTY LOCATION

  • Street Address, City, State & Zip

 

  • Total Units:

 

  • # of Commercial Units:

 

  • # of Residential Units:

 

  • # of Section-8 units? (if mulitfamily or 1-4 unit SFR)

 

  • Building SF:

 

  • Lot SF (Enter SF, not acres):

 

  • Year Built:

 

  • Number of Floors:

 

  • # of Buildings:

 

  • Any deferred maintenance?:

 

  • Any code violations?:

 

  • Current occupancy (0% t 100%):

 

  • Property Use (Investment or Owner-User):

 

  • Annual Property Taxes:

 

  • Annual Property Insurance:

 

  • Annual Property Taxes

 

SFR PROPERTIES

  • # of Bedrooms:

 

  • # of Bathrooms:

 

  • Garage Spaces:

 

  • Pool:

 

  • Hot Tub:

 

  • Sport Court:

 

  • Sponsor Bio / Resume:

 

MORE QUESTIONS

  • If CRE property, how many leases are NNN?:

 

  • Exit strategy / hold period:

 

  • Would or can the Borrower provide tax returns?:

 

  • Preferred Loan Type (Bridge, Long-Term, Rehab or Ground-up):

 

  • Does the Borrower prefer institutional (lowest rate) financing or private?:

 

  • Full  Summary about loan: