In this week’s Minute Monday, Sales Associate, Joska Gal will take you through the hard money loan documents you should have prepared to make closing fast and easy.
Information and Documents Needed:
- Signed Term Sheet
- Commitment Fee Payment
- Our commitment fee varies from deal to deal but is typically around $1,400. This includes the attorney fees and appraisal fees.
- Borrower Information – Full Name, Address, Birthdate, SSN (of all LLC members), Purchase and Sale Agreement
- W-9 for Purchasing LLC
- Employer Identification Number (EIN) for Purchasing LLC
- Article of Organization for Purchasing LLC
- Hazard/Liability Insurance Certificate
- This is required for all of our deals. If the property is undergoing renovation, then there needs to be a builder’s policy in place.
- Bank Account Information
- Access for our inspector to take pictures of the interior and exterior of the property
- Two of your most recent Tax Returns (i.e. 2015, 2016)
Have questions about our requirements? The WCP Sales Team is available to offer expertise, knowledge, and financing to help you close your deal. Contact us today!
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