Therefore you just got that great bank-owned property under contract and now you need a loan to buy, fix and flip. You went to three hard money lender and they said no. Why? As you SMELL at selling your deal. That's correct, you need to learn how to SELL your deal to a bank.
Selling your deal means creating a good loan package to submit to the bank. Start by getting a binder from Office Depot, with a set of tabs you can print on. Mark the tabs into the following sections:
Here's what you need in each section:
About Me.
This section should contain a FNMA 1003 loan application, a copy of your credit history, a copy of your driver's license and a brief resume of your experience. If you have no experience, then at least put a listing of books and conventions you've been through. A list of references would help, too. Dropping Bill Bronchick's name couldn't hurt!
Purchase Contract.
A copy of the acquisition contract with any addendums should ideally go here.
Assessment.
Ideally an evaluation, but at least a property broker BPO (broker's price opinion) should really go here.
Insurance Binder.
A copy of a commitment to insure from your insurance provider goes here.
Title Commitment. A copy of the title commitment should go here.
Photographs. Detailed photographs in and outside of the property, IN Colour.
Inspection. Have a professional inspection done of the property and put his report here.
Repair estimate.
A mend guesstimate from an Approved general contract (copy of his license, too) should really go here. Also an inspection report and a list of repairs to fix the issues addressed in the report.
Numbers.
Insert a spreadsheet of the breakdown of the numbers. Your acquisition costs, closing costs, holding costs, repairs, realtor costs, etc. These costs should be complete and pragmatic. Don't forget about concessions and paying the buyer's FHA loan costs, too.
Timeline.
A diagram of the outline of your construction project should ideally go here. Again, this may be COMPLETE and realistic. Microsoft Plan It is a good programme to set this up professionally.
Selling your deal means creating a good loan package to submit to the bank. Start by getting a binder from Office Depot, with a set of tabs you can print on. Mark the tabs into the following sections:
Here's what you need in each section:
About Me.
This section should contain a FNMA 1003 loan application, a copy of your credit history, a copy of your driver's license and a brief resume of your experience. If you have no experience, then at least put a listing of books and conventions you've been through. A list of references would help, too. Dropping Bill Bronchick's name couldn't hurt!
Purchase Contract.
A copy of the acquisition contract with any addendums should ideally go here.
Assessment.
Ideally an evaluation, but at least a property broker BPO (broker's price opinion) should really go here.
Insurance Binder.
A copy of a commitment to insure from your insurance provider goes here.
Title Commitment. A copy of the title commitment should go here.
Photographs. Detailed photographs in and outside of the property, IN Colour.
Inspection. Have a professional inspection done of the property and put his report here.
Repair estimate.
A mend guesstimate from an Approved general contract (copy of his license, too) should really go here. Also an inspection report and a list of repairs to fix the issues addressed in the report.
Numbers.
Insert a spreadsheet of the breakdown of the numbers. Your acquisition costs, closing costs, holding costs, repairs, realtor costs, etc. These costs should be complete and pragmatic. Don't forget about concessions and paying the buyer's FHA loan costs, too.
Timeline.
A diagram of the outline of your construction project should ideally go here. Again, this may be COMPLETE and realistic. Microsoft Plan It is a good programme to set this up professionally.
About the Author:
Mary Sensible is a business loan expert who has been associated with pay day loan in singapore and has more than thirty years of expertise in finances. She has helped a lot of people to obtain Fast Unsecured Loans, and lots of other products without regard for their credit situation.
No comments:
Post a Comment