Items For Underwriting Hard Money Loans

Items Needed for 24-Hour Underwriting:

  • Loan Application
  • Signed most recent 2 years tax return
  • Summary of work to be completed (if applicable)
  • 2 months most recent bank statements
  • 2 most recent pay stubs (if applicable)
  • Rent rolls and copies of all rental agreements (if applicable)
  • Background Check
  • Form 4506-T, Request for Transcript of Tax Return
  • LLC Articles and Certificate of Good Standing
  • Exit Strategy

Additional Items Needed to Close:

  • Title Policy (obtained by borrower’s attorney) insuring marketable title
  • Signed purchase & sales agreement
  • Hazard insurance binder
  • Current year property tax statement showing taxes paid in full throw closing
  • Appraisal (obtained by LSM paid by borrower)
  • Borrower’s counsel’s opinion letter
  • Voided check to set up ACH payments
  • Closing protection letter

All Loans Must Close in an LLC or a Corporation:

  • Articles of Incorporation/Organization
  • Corporate / LLC resolution authorizing the loan, and the officer(s) authorized to execute the loan documents
  • Corporate bylaws or LLC Operating Agreement (resolution required)
  • Certificate of Legal Existence
  • Copies of Partnership