wisconsin: Investor Construction Rehab Loan for the Twin Cities METRO
- 11/01/08 07:54 AM
Many agents and buyers have asked "How can I get financing for my investor clients if they want to buy BOARDED & ABANDONED properties in the Twin Cities Metro" and "I know about the FHA 203K program for owner occupants but what can I offer my investors for rehab and construction financing"? My answers: The FHA 203K program is awesome for owner occupants in the Twin Cities, MN Metro and we offer it but that is not the only solution. Not many finance people in the Twin Cities really understand rehab & constuction mortgage financing! Here are the basic guidelines for our Residential … (0 comments)
•1. CURRENT RENT ROLL including: SF of units Lease abstract details such as Escalations, commencement & expirations, add-ons, description of tenant, Description of any added rent that the tenant is responsible for (In addition three year historical data would be ideal)
•1. CURRENT RENT ROLL including: Regulated units (controlled, stabilized) Apartment numbers Room/Bathroom Count
•2. COMPLETE INCOME/EXPENSE STATEMENT on the property including: Annual property taxes Insurance Water/Sewer Fuel, Electricity Maintenance/Repairs & Management
•3. SUMMARY OF ALL COMMERCIAL LEASES (if any) showing escalations & expirations.
•4. COMPLETE, DETAILED PHYSICAL DESCRIPTION INCLUDING SQUARE FOOTAGE.
•5. IF ACQUISITION, PROVIDE COPY OF FULLY EXECUTED CONTRACT OF SALE.
•6. IF REFI, PRICE ORIGINIALLY PAID FOR … (0 comments)
wisconsin: Underwriting Construction Mortgage Loans
- 11/01/08 06:57 AM
Almost all lenders are concerned that their money lent is repaid, so underwriting of construction loans usually focuses on how that might occur. In the most basic situation, that of an individual building a home for themselves, a business building a property for business use, or an investor building a property to rent out, the fundamental guideline is for the lender to imagine once the loan has been fully extended and converted into a normal mortgage and the building is occupied, whether the individual, business, or investor can afford to pay back the loan on a monthly basis. In the case … (1 comments)
wisconsin: Rehab Construction Basics
- 11/01/08 06:53 AM
LIST OF ITEMS REQUIRED TO UNDERWRITE A CONSTRUCTION & REHAB MORTGAGE LOAN (Items 1-10 needed immediately. Items 11-18 needed as we proceed).
•1. EXECUTIVE SUMMARY OF THE DEVELOPMENT
•2. CONSTRUCTION BUDGET including hard and soft costs.
•3. BACKGROUND/BIO ON EACH PARTNER emphasizing development/construction/renovation/real estate experience and past projects successfully completed.
•4. BACKGROUND/BIO/RECENT SIMILAR PROJECTS COMPLETED for architect, contractor and construction manager (if applicable).
•5. A PERSONAL FINANCIAL STATEMENT FOR EACH PARTNER with an interest of 10% or more.
•6. LAST 3 YEARS' 1040 TAX RETURNS for each partner with an interest of 10% … (1 comments)
Many agents and buyers have asked "How can I get financing for my investor clients if they want to buy BOARDED & ABANDONED properties in the Twin Cities Metro" and "I know about the FHA 203K program for owner occupants but what can I offer my investors for rehab and construction financing"?;)
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