APARTMENT LENDING

Apartment Lending Application

BORROWER(S) INFORMATION: 

  1. A completed 1003 Application. Married couples can be combined on one application as borrower and co-borrower. Non-married borrowers require separate 1003 Applications. 
  2. 2. Exhibit 8 Schedule of Real Estate This is required and asks more detailed information about the borrower‘s properties than what is on the 1003 application. 
  3. Last two years of personal tax returns from all borrowers. Include all schedules. NOTE: We do not calculate D.T.I. ratios for Program A. The purpose of reviewing two years of tax returns is to make sure the borrower has done their taxes. And we need two consecutive years in a row. 
  4. 4506T tax form completed and signed. 
  5. 5. Borrower(s) clear copy of driver‘s license. 
Apartment Building Loans
Apartment Building Lending

PROPERTY INFORMATION:

  1. Sales Contract and Escrow Instructions if applicable. Please make sure the contract shows a minimum of 45 days to close from the date we receive the package. 60 days to close is a more realistic time on the Sales Contract to close the loan. We have closed faster than 60 days but, we never know what the appraisal will come up with or other obstacles we can’t foresee that we would need additional time to handle.

  2. Preliminary Title on Subject Property Ordered by Broker. Preliminary Title is required to order the appraisal. We condition for title work if it is not included in the pre-qualification package. Nationwide Approved Title Companies: Attorneys Title, Chicago Title, Fidelity National Title, First American Title, Lawyers Title or Stewart Title.

    Mortgagee and Insurance Clause: Call for instructions.

  3. Five (5) color photos of the property. (N, S, E, W and one street).

  4. Building Rent Roll.

  5. All leases or rental agreements for the subject property. Note: *Include two (2) copies of all leases or rental agreements.

  6. Subject Property Operating History and Year to Date Operating Statements:
    1. 2005 (1/1/05 – 12/31/05) Operating Statement signed by the current owners as true and correct or Schedule E from their personal tax returns. Refinances require schedule E’s from borrower’s personal tax returns.
    2. 2006 (1/1/06 – 12/31/06) Operating Statement signed by the current owners as true and correct or Schedule E from their personal tax returns. Refinances require schedule E’s from borrower’s personal tax returns.
    3. 2007 (Year to Date) Income and Expense Statement signed by the current owners as true and correct.
      Call for an exception to this requirement, i.e. letter of explanation that property was purchased out of bankruptcy and no records are available from previous owner.
  7. a) Collateral/Borrower Information Questionnaire
    b) Seismic Map of USA.
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