Please complete the standard long term loan(for rental investment property)
<a href="https://51870333.secureloandocs.com/en/apply">Apply Now</a>
Long Term Rental Program Initial Document Checklist
By reading the below and gathering as much info upfront as possible will lead to smooth and quick closing.
***its best to send in 2 or 3 emails with documents clearly labeled or upload to our file vault ( uploadmyloan.com
For quick scenario:
1.address
- rent amount (if leased what is that amount) if not, what is market rent
(if not lease but there is tenant, explain)
- annual property tax amount
4.annual insurance amount
- hoa amount if applicable
- market value of home
- If purchased in last 2 years, confirm original purchase price and repair cost
- approx. credit
- property must be in good condition and move in ready
Loan application (will send) or online version if instructed: (online 1003 unless otherwise instructed),
https://www.texasinvestorloan.com/investment-property-loan-1003-application/
__Original closing HUD/closing stmt if purchased within last 12 months
__Summary of repairs made to property since purchase (if within last 12 months) (do you have rehab budget)
__Identification: Required for all guarantors on loan (Current Copy of State Issued ID or Passport)
__Long Term Leases: Please include a copy of the current executed lease, all pages. (Multifamily homes, please include all leases. If the property is over 4 units, provide rent roll)
__Short Term Leases: Please provide documentation regarding cash flow from short term rentals (AirBnB, VRBO etc. to verify)
__Liquidity/Reserves: 4 Months of Reserves, please include last 2 months of BANK account statements, all pages (based on PITIA payment, eligible assets listed in appendix A.)
***make note, you may be asked about large deposits and insufficient fund notices on bank stmt.
__Title: Please confirm preferred title company, and how you would like the property vested. (If vesting in entity, please view documentation requirements in Appendix B.)
It’s a good idea to have copy/email copy of your owners title policy if needed.
__ full set of entity documents and entity should be in good standing.
__Mortgage Statement: The most recent mortgage statement for subject property, if you have a payoff, please provide.
__Insurance proof: insurance should have 300k in liability and 6 months rent loss coverage, use Urban Coyote Holdings, llc as additionally insured(MAY CHANGE BEFORE CLOSING)
__Entity docs (formation, operating agreement, articles, ein, resolutions)
