New Team Member

I am proud to Present Tim Jochim as the newest member of The Commercial Finance Store!

Tim comes to us with years of finance experience. He will be taking over the Rehab Construction Financing and Consulting.

Below is the program Tim is now in charge of.


LIST OF ITEMS REQUIRED TO UNDERWRITE A REHAB CONSTRUCTION LOAN

Required Documentation:

- A PERSONAL FINANCIAL STATEMENT (PFS) FOR EACH PARTNER with an interest of 20% or more.

- BANK STATEMENTS and ASSET STATEMENTS for any and all accounts listed on the PFS

- LAST 3 YEARS' TAX RETURNS (business & personal) for each partner with an interest of 20% or more in the project.

- COPY OF FULLY EXECUTED PURCHASE CONTRACT.

- SWORN CONSTRUCTION STATEMENT including hard and soft costs.

- BACKGROUND/BIO ON EACH PARTNER emphasizing development/construction/renovation/real estate experience and past projects successfully completed.

- Copy of your credit report if available.


General Loan Requirements:


1.) Minimum 660 FICO score
2.)If rental, minimum 1.25 Debt Service Coverage Ratio (DSCR)
* If using DTI, maximum of 45%
* Can blend with global calculation
**If DTI and DSCR do not work we can use marketing plan and pledge payment reserves to bank
3.) Six months reserves
4.) Purchase plus construction = X, Loan amount = 80% of X


*** The documents listed above are the documents we require to evaluate the borrower and issue a pre-approval. Every deal is different so the bank may require some additional documentation or clarification. ***

If you would like to learn more please contact:

Tim Jochim
The Commercial Finance Store
Rehab Construction Specialist
612-702-1111
timjochim@comcast.net