US PROPERTY FINDERS
Ranked #1 Real-Estate

New Client Document Package Single and Multi-Family

  1. Loan Guidelines

  2. Steps to Processing Your Loan Application

  3. Loan Submission Form:
    Submit
    ONLY the loan submission form via email or fax. Do not submit our application until your submission is reviewed. Please email or fax your completed Loan Submission Form to: USPROPERTYF@AOL.COM or (954) 534-0771

  4. Loan Application


Loan Guidelines Single and Multi-Family Effective January 1, 2012

All loans are first position only. We loan from Homestead to Port Saint Lucie (except commercial). Rates vary.* All loans are subject to credit review, inspection, clear, marketable and insurable title. We are primarily focusing on SFH/MFH with other properties considered on a case by case basis.

Loans are made strictly to LLC’s Corporations or Land Trusts with a personal guarantee.

Residential
Single Family Home

  •   65% LTV max.

  •   Loans under $200,000-any renovation in excess of $10,000 shall be subtracted from the

    loan amount, subject to strength of borrower and condition of property.

  •   Loans above $200,000-all repairs over $15,000 will be deducted from the loan amount.

  •   Lender may require survey and/or appraisal.

  •   Residential deals may require escrowing for taxes.

  •   Please note: We are cautious in certain markets where the supply of inventory is high.

  •   Borrower will need to have money in the deal and is required to show proof of funds for

    renovations and/or carrying costs.

  •   Minimum Loan Amount: $40,000

    5 units and above
    65% LTV max.
    Need to see rent rolls.
    Lender may require Phase One Environmental. Subject to physical inspection & clear title
    Lender may require survey and/or appraisal.

    Other commercial properties/strip centers
    65% LTV max.
    Lender may require survey and/or Phase One Environmental and appraisal.

    Luxury SFH
    60% LTV max.
    Borrower will need to have money in the deal and is required to show proof of funds for

    renovations and/or carrying costs.

    Long Term Loans
    They are available on a limited supply at a lower rate.* 1 point to lender may be collected.
    1 year prepayment penalty.

    Additional Fees
    Rush Closing Fees: 100k loan value or less, fee is $1,000. Loan value over 100k fee is 1

    point. All rush closing fees are due at the time the file is opened. Transactional funding: Available for double closings. Please call for details.

    At this time, we are not funding any condo loans unless it is on the water.

    *Rate is subject to change without notice, may not be available at closing.


Steps To Processing Your Loan Application Please make copies of the loan application to have on hand for future deals.

  1. Submit ONLY the loan submission form via email or fax. Do not submit our application until your submission is reviewed. Thank you for your cooperation.

  2. We will give you a loan amount.

  3. We will fax or email you the paperwork to fill out regarding your credit and property

    information.

  4. We will request that you provide us a current credit report, and go to inspect your

    property. Property inspection fee is $150 and is payable upon inspection. An administration fee and document preparation fee which totals $600, will be added to your closing costs. (Please note that in some cases, these fees will be higher.)

  5. Rush Closing Fees: 100k loan value or less, fee is $1,000. Loan value over 100k fee is 1 point. All rush closing fees are due at the time the file is opened and are non-refundable.

  6. REO Notary/Closing Fee $200.

  7. We do not loan to individuals, loans are business loans for investment

    purposes only. *WE DO NOT LOAN TO OWNER OCCUPANTS.* We do loan on commercial property.

Borrower Checklist for Closing

You will need to bring these items to closing:

  1. Hazard and Wind insurance that covers vacant property and proof of payment, insurance must be pre-paid for one year, please fax or e-mail this document to us 24 hours prior to closing for our review.

  2. Your cashiers check or wire for the closing cost due.

  3. Your corporate seal and tax id number for your entity.

  4. Your driver’s license.

The Closing Process

  1. Fax or e-mail the full application, executed contract, title company information and recent credit report (if you have one) otherwise we’ll pull it for you. Please call to confirm receipt of all information emailed.

  2. After the property inspection and all your paperwork has been faxed to us we will give you a firm loan commitment which includes the loan amount, percent, and points.

  3. The title company will start their lien search to obtain clear title (estimated time is 10-14 days). You will need to provide how you are purchasing the property, i.e. corporation, trust, LLC and who is the president of the entity. You must also provide the buyers name, phone, fax and address, the sellers name, phone, fax and address, any real estate agents names, phone, fax and addresses and anyone who will be attending the closing to provide to them with the location and time of the closing.

  4. Once the title company has obtained clear title they will fax us a title commitment and we will close shortly.

  5. We will prepare the mortgage documents.

  6. We will confirm with the title company the closing date and time.


 
 
 

Date:

 
 
 
 
 
 

Single and Multi-Family - Loan Submission Form

 
 
 
 
 
 

Property Address:

 
 
 
 
 
 

City & Zip Code:

 
 
 
 
 
 

Beds/Baths:

 
 
 
 
 
 
 
 

Corporation Name:
*WE DO NOT LEND TO INDIVIDUALS*

 
 
 
 
 
 
 
 

Borrower Name 1 & Title
ex: President, Manager, Member, etc.

 
 
 
 
 
 
 
 

Borrower Name & Title
ex: President, Manager, Member, etc.

 
 
 
 
 
 
 
 

Cell Phone

 
 
 
 
 
 
 
 
 
 

Other Phone Number:

 
 
 
 
 

Email Address:

 
 
 
 
 
 
 
 

Loan Amount Requested:

 
 
 
 
 

$

 
 
 
 

Down Payment:

 

$

 
 
 
 
 

Property Value (ARV):

 
 
 
 
 
 

$

 
 
 
 

Purchase Price:

 

$

 
 
 
 
 

Repair Amount:

 
 
 

$

 
 
 
 
 

Expected Closing date:

 
 
 
 
 
 
 
 
 

Title Company

 
 
 
 
 
 
 
 

Title Company Phone #

 
 
 
 
 
 

Title Co. Closing Agent Name:

 
 
 
 
 
 
 

Title Co. Closing Agent Email:

 
 
 
 
 
 
 

How many loans do you have now?

 
 
 
 
 
 
 
 
 

Comments:

 
 
 
 
 

***PLEASE FILL OUT ALL FIELDS MUST BE LEGIBLE**


Single and Multi-Family Loan - Funding Application ***Must be filled out completely and Signed***

Personal Information:

Borrower Name: _________________________________ Social Security Number: _______________ Date of Birth: ___________

Home Address: ____________________________________________________________________________________________

City: __________________ State: ____ Zip: __________ How long have you lived at this address? _____ Years ( ) Rent ( ) Own Email Address: _______________________________________________________ Home Phone: __________________________ Cell Phone: _________________________________________ Fax: _________________________________________________ Employment Information/Income Information - Self-Employed? _______Yes ________ No Years at job: __________________

Gross Monthly Income: $______________________ Employer’s Name: ________________________________________________ Position: ___________________________ Office Phone: __________________________ Fax: _____________________________ Self-Employed? _______Yes ________No Years at job: _______________ Gross Monthly Income: $_____________________ Property Transaction Information

Property Address: ___________________________________________City: __________________ State: ________ Zip:_________

Showing Inst.____________________________________ Property is: ( ) Occupied ( ) Vacant No. Beds: ________ Baths________

Purchase Price: $_____________ Estimated Repairs: $___________ Loan Amt.: $_____________ Down Payment: $____________ Estimated After Repair Value: $______________ Cash on hand: $ ___________________ Closing Date: ______________________

Title will be held in: (Complete appropriate areas) Name of Individual(s): _____________________________ Marital Status: ____

Name of Corporation: ________________________________State Registered: _______ FEIN No: __________________________

Name of Officer: __________________________________________________ Title: _____________________________________

Name of Guarantor(s): _____________________________________________ Title: _____________________________________

Name of Trust: ________________________Trustee’s Name: _____________________Beneficiary’s Name: __________________

Title Company Information - Name of Title Co: ___________________________________ Contact Person: __________________

Phone Number: __________________ Fax Number: ___________________ Email Address: _______________________________

_________________________________________________________________ ____________

 

Borrower’s Signature

Date

X. INFORMATION FOR GOVERNMENT MONITORING PURPOSES

The following information is requested by the Federal Government for certain types of loans related to a dwelling, in order to monitor the Lender’s compliance with equal credit opportunity, fair housing and home mortgage disclosure laws. You are not required to furnish this information, but are encouraged to do so. The law provides that a Lender may neither discriminate on the basis of this information nor on whether you choose to furnish it. However, if you choose not to furnish it under Federal regulations this Lender is required to note race and sex on the basis of visual observation or surname. If you do not wish to furnish the above information, please check the box below. (Lender must review the above material to assure that the disclosures satisfy all requirements to which the Lender is subject under applicable state law for the particular type of loan applied for.)

Race/National Origin: □ I do not wish to furnish this information □ American Indian or Alaskan Native □ Asian or Pacific Islander □ Hispanic □ White □ White, not of Hispanic origin □ Black, not of Hispanic origin □ Other (Specify) _______________________ Sex: Male □ Female _____________________________________________________________________________________________________________________________________________________ To be Completed by Interviewer Face-to-face interview By email □ By telephone

Interviewer’s Name (print or type) Interviewer’s Phone Number (incl. area code)

Interviewer’s Signature

 





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