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The following is a list of required items needed prior to getting a Letter of Intent and items required after receiving a LOI. This list may vary slightly depending on property type and lender.
Prior to LOI
A Completed/Signed Application such as the FNMA 1003
Personal Financial Statement
Loan Supplement Form if necessary
Tri Merged Credit Report
Rent Roll (Multi-Tenant properties)
P&Ls/Operating Statements: Last 2 years and YTD for the property
Owner-Occupied Loan Requests – Last 2 years’ Tax Returns OR Last 12 months’ Business
Bank Statements
Purchase Contract (if applicable)
Following accepted LOI
Current and complete rent roll
All commercial leases
Greater of 5 leases or 10% of units for multifamily
Operating/financial statements for
– Operating statements – last 2 years plus YTD (for investor deals)
Note: “Purchase” transactions may result in less available information, though it will be
requested.
– Financial statements – YTD and tax return/financial statements for prior 2 fiscal years
(for owner-occupied deals). “Financial statements” imply income statement and
balance sheet.
Debt schedule (applicable for owner-occupied loans)
12 months bank statements (if applicable)
Executed purchase and sale, including all amendments
Budget (ask the borrower to include explanations for any major variances between
the budget and prior year(s) operations).
Capital expenditures (if any improvements or renovations occurred within the last 2
years).
Ask if the borrower has any capital expenditures included in their R&M or
other operating expense categories that should be classified separately as Cap Ex for underwriting purposes
Deal summary, strengths, weaknesses, mitigants, and planned uses for cash-out