Items For Underwriting Hard Money Loans

Items Needed for Underwriting:

 

Entity documents

  • Articles of Incorporation
  • Operating agreement
  • Certificate of good standing (if formed more than a year ago)

Guarantors

  • Driver’s license
  • Credit report (CIS)
  • Background report (TLO)
  • Personal financial statement (self-declared)
  • Schedule of Real Estate Owned (self-declared)

Collateral

  • If new purchase: Purchase contract
  • If already owned: HUD / Settlement statement
  • Appraisal (appraiser must be licensed and have E&O policy
  • If rehab will be done: Scope of work (must be included in appraisal)
  • If exit strategy has anything to do with rent, appraisal must include a rent schedule