← Back to SectionsSECTION 7
DSCR Refinance
BORROWER INFO:
Borrower Name
Home Address
Email
Phone
What is the Borrower's Self-Declared FICO Score?
Do the guarantors have a 12-mo mortgage history that will show up on his/her credit report? Has to be in the last 4 years. No mortgage lates.
PROPERTY INFO:
Subject Property Address
Number of units
Property Original Acquisition Price
Property Acquisition Date
If property purchased under 6 months from Acquisition Date ask more questions...
Inherited the property?
Property Awarded Through Divorce, Separation, or Domestic Partnership Dissolution?
Delayed Financing may be an option
Property recently rehab'd?
If so, how much was spent on the rehab
Expected Appraised as-is Value
Payoff balance
Are we paying off a rehab loan?
Complete the DSCR calculator (not for the borrower to do)
Get exact taxes, insurance, & HOA premium to calculate the DSCR
Evidence of ownership seasoning (HUD from previous closing)
Existing Lease?
Lease agreements signed by both parties
2 months proof of rent receipt if rent exceeds 1007 thresholds
Reserves of borrower's 6 months PITI required (2 months bank statements)
Documentation for business funds if used:
Business account statements
Ownership % verification (operating agreement, K-1, etc.)
Anything else we should know about this transaction?
ENTITY INFO:
Members of LLC/Company
How much ownership does the Sr. Member own
SREO / TRACK RECORD:
How many past similar vested projects do you have in the last 3 years where you signed the HUD's:
(Complete our track record SREO mandatory form)
(Get signed HUD's and Operating Agreements for each property on the SREO)
Approx balance in your bank accounts (liquidity):
What is the most important thing to you with this loan request? (Example, closing quickly, down payment, etc.)
ADDITIONAL NOTES: