Step 1 - Texas Rehab Loan Borrower
and project summary:
Urban Coyote funding will have a 2 step process -
a) the rehab and borrower submission( this is the additional part of std. app that details borrrower rehab experience and details on the subject property.
b) Step 2 : the borrower full -standard 1003 residential loan application, or if you have full and recent PFS (Personal Financial Statement)
Step 1. (the submission -summary of your deal - scroll down and start typing in online form)
step : 2. . Full loan application (standard uniform application) (If we talked about deal already and are ready to go to step 2, the full Texas Rehab Borrower Application.
Your through- please submit , make sure it submits and you are redirected to full applicaiton .
For full loan submission after completing the Texas Rehab Step 1 , please have:
1.Contract (unless wanting preapproval)
2.Repair budget (if there is subject rehab property) you can dowload our spreadsheet or use yours
3.Insurance –builders risk if rehab involved
4.Articles of Incorporation (entity docs) and coporate by laws
5. Borrower income docs (last year tax return and 3 bank statements) **unless we discussed the no doc-"express"
***6. Once we have the borrower questions and full applicaiton that will be our master application for that borrower. You may change later the property or entity (for ownership).
Please make sure all documents are :
A: labeled with contents clearly (word doc,pdf, or excel)
B. email (if too large please upload to our server (www.uploadmyloan.com)
Organization will increase the speed of decision making and closing, we are not an admin. staff, we are lending company and real estate professionals.
BORROWER INFO: (have these ready when doing full application (borrower info)
Borrower identification ___
Bank statements (last 3 unless “bank statement program’ , then need 24
**make sure you list your real estate owned on 1003-full application (if more than 4 , just send reo spreadsheet)
Voided check for ACH withdraw
CREDIT: (report if availbale) :
Articles of LLC,LP /other:
By Laws associated with Entity (signed)
EIN and TAX ID associated with entity
Experience with rentals and flips (current REO schedule and history of flips- how many total)
CONTACTS ASSOCIATED WITH LOAN:
- Contact info (if not borrower) for access to loan
- Borrowers insurance agent (contact info)
- Title company (contact info)