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EXECUTIVE LOAN SUMMARY – REQUESTED INFORMATION
These are the questions that need to be answered in order to determine the overall situation of the borrower and property(s) to determine a financing strategy that makes sense for all parties. This is the most critical piece of your private money package submission.
Tell us the story…
Who: A quick overview of the borrower, their financial status, credit scores, derogatory notes, experience in the area where the borrowed funds are to be invested and how much equity the borrower has currently or is willing to inject into the project – “skin in the game”
What: The type of collateral (residential, commercial, retail, industrial, mfg, land etc.) occupancy, current liens, estimated value and method of valuation, additional free & clear collateral available, EBITDA (12 months) for income producing properties and detailed location information.
When: What is the timeframe for closing?
Why: What is the situation? What is the loan for? (Purchase, re-fi, bailout, investment, etc) What has established the need for private financing? What roadblocks have transpired with conventional facilities? Does the loan make sense for everyone (Lender and Borrower)? Establish the benefit.
DTI: How is the borrower going to pay for the debt service? Is there income documentation? If stated, is there sufficient cash-flow that is reasonable and feasible? Are all sources of income documented? Interest reserves may be required – is that expected for this loan?
Exit
Strategy: How is the loan going to be paid back if the facility is short term (1-3 yrs)? Is the sale and/or re-finance and timeframe proposed reasonable and feasible?
Other mortgage questions? Contact Us! Check your Loan Status! *If you received an error message when trying to download either of the above forms, you might need to first download the acrobat reader.
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