We are situational lenders/Broker. Every deal is different. We are able to make exceptions on a lot of deals. It's difficult to say how we underwrite our deals. Basically you can try to look at the 5 C's on each deal.
1. Credit - How is the credit of the borrower(s)
2. Cash Flow - What is the cash flow like if it is an investment property (tenants)
3. Character - How is the character of the borrower(s)? Does he pay his debts?
4. Collateral - How is the property? Is it in good condition? Is there any equity in the property?
5. Capacity - Does the borrower have the ability to re-pay the loan? Does he have any reserves?
We may also be able to help with deals that are not going anywhere. I can tell pretty quickly if the deal has a chance to get financed. If not, we may be able to go in another direction. I will try to work with you so we don't waste time/effort.
I usually need the following items to look at a commercial deal.
1. Completed LNB submission form (attached)
2. Completed 1003 (attached) or a personal financial statement on the borrower(s)
3. Tri Merge Credit Report on the borrower(s)
4. Completed REO Form (attached) shows all of the property the borrower owns
5. A brief explanation of the scenario/situation. What is the borrower looking to do? Please be specific.
6. Rent Roll (attached) if applicable, shows the tenants and how much they pay in rent
7. Operating Statement (attached), if applicable, shows the income and expenses on the property
8. Pictures of the property or an existing appraisal (do not order a new appraisal)
1. Credit - How is the credit of the borrower(s)
2. Cash Flow - What is the cash flow like if it is an investment property (tenants)
3. Character - How is the character of the borrower(s)? Does he pay his debts?
4. Collateral - How is the property? Is it in good condition? Is there any equity in the property?
5. Capacity - Does the borrower have the ability to re-pay the loan? Does he have any reserves?
We may also be able to help with deals that are not going anywhere. I can tell pretty quickly if the deal has a chance to get financed. If not, we may be able to go in another direction. I will try to work with you so we don't waste time/effort.
I usually need the following items to look at a commercial deal.
1. Completed LNB submission form (attached)
2. Completed 1003 (attached) or a personal financial statement on the borrower(s)
3. Tri Merge Credit Report on the borrower(s)
4. Completed REO Form (attached) shows all of the property the borrower owns
5. A brief explanation of the scenario/situation. What is the borrower looking to do? Please be specific.
6. Rent Roll (attached) if applicable, shows the tenants and how much they pay in rent
7. Operating Statement (attached), if applicable, shows the income and expenses on the property
8. Pictures of the property or an existing appraisal (do not order a new appraisal)
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