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What We Need to Underwrite Your Loan Proposal

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Where the Proposed Borrower is an Entity:

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If the proposed borrower is an entity (for instance, a limited liability company or corporation), we will need the following minimum documentation and information in order to begin underwriting your loan proposal:

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  • A clear and concise description of the type of the proposed real property collateral.  For instance, "a multi-family, 6 unit apartment complex," "a single tenant, light industrial warehouse," "a non-owner occupied single family residence acquired for income generation or flipping purposes".
     

  • The full and complete street address for the real property that will serve as the collateral for the proposed loan.  Please include the name of the California county where the property is situated and identify whether the property is part of an incorporated city.
     

  • The proposed borrower's organizational documents, including any and all modifications or amendments thereto.  Depending on the type of entity, this may include its: articles of incorporation or organization; operating/shareholder agreement; bylaw(s), where applicable; most-recently filed statement of information; and Federal Employer Identification Number.
     

  • Any appraisal(s) or written broker's opinion(s) of value for the proposed real property collateral.
     

  • If the property is already in escrow to be acquired, a full and complete copy of the fully-executed set of purchase and sale documentation and a copy of the escrow agreement.
     

  • The proposed loan amount.
     

  • The proposed loan term (e.g., 12 or 18 months). 
     

  • The proposed use of the loan proceeds.  For instance: to refinance a maturing obligation, acquire a lower interest rate,  and/or take cash out; finance the acquisition of real property; finance improvements to the real property; prevent a foreclosure; bridge loan; etc.
     

  • A copy of the most-recent loan statement for any existing loan presently secured by the property.  
     

  • If you are proposing a loan for the purpose of refinancing out an existing first trust deed OR if you are proposing a second trust deed loan, the total outstanding balance presently owed on the first trust deed loan.
     

  • A copy of the most-recent rent roll and income and expense statements for the proposed real property collateral.
     

  • If a loan guarantor is required (i.e., for overall loan to values at or exceeding 65%), a recent, completed and executed financial statement for the proposed guarantor (i.e., identifying the proposed guarantor's assets, liabilities, net worth, employer, home/work address, and annual income, etc.) and either: (a) full and complete copies of the guarantor's 2 most recently filed annual U.S. income tax returns, including any and all K1s; or (b) six month's of the proposed guarantor's bank account statements.  A statement explaining the relationship between the proposed guarantor and the proposed borrower (e.g., "the proposed guarantor is the principal of the proposed borrowing entity").

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Where the Proposed Borrower is an Individual:

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If the proposed borrower is one or more individuals, please provide everything referenced in the above section concerning proposed entity borrower except there is no need to provide any organizational document (since there is no organization in the first place).

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