Simple instructions for loan submissions and uploading files: words in BLUE are links
1. INITIAL HARD MONEY LOAN SUBMISSION FORM (CLICK) required for initial review. This file is can also be submitted onine (www.texaslandfunds.com, or www.uslandfunds.com. use exec summary if its short and to the point regarding loan request, borrower infomation and details on collateral.
***One of the biggest reasons for failure and delay is the lack of understanding the loan request. Lenders review 100's of files a month, a loan request must be short, clear and concise.
2. *****CLICK on link below
***UPLOAD ALL DOCUMENTS HERE (CLICK) (LABEL ,name-project name)
when you hit "add files" on link page, your file window on your computer will open and you can add as many files as you wish. SIMPLE
3. Forms you may need:
1003 (standard borrower application)
complete packages should include:
Executive “Narrative” Summary (our loan "story" submission covers these topics)
- Description/ADDRESS of the property
- Proposed transaction request.(what and why)
- Amount requested
- Borrowers equity contribution
- Use of funds, with schedule (purchase…payoff..)
- Exit strategy from the short term bridge loan
- Borrower background and resume.
- Pictures of property
- Maps of property
- Proforma and Current Financials
- 5 year Cash flow projection indicating availability of debt service for the bridge loan.
- Show cash flow for the takeout loan for exit strategy
- Historical financials for last 2 to 3 years as P&L.
WE ARE LOOKING FOR THE “5 C’S”
- Credit (reasonable )
- Character (borrowering entity reputation,past projects and references)
- Collateral (Is the collateral an asset of demand in some form)
- Capital (Does borrower have capital to see project to completion)
- Current Market (does current market warrant our value)