Each loan submission may have unique credit documentation
requirements. Below is a standard credit file checklist that may be
used as a general reference.
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RECC CREDIT FILE CHECKLIST |
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Executed
Approval Letter
signed by Borrower(s). |
|
The Deposit Fee drawn from your company account which will
be credited against the actual appraisal fee, environmental
report and property inspection. Any excess amount that might
remain beyond this will be credited to the borrower at
closing. RECC does not engage third parties until the loan
has been approved in loan committee and accepted by the
borrower. |
|
Current Rent Roll - certifying as "True and Correct" (a Rent
Roll with an "as of" date will be required within 30 days of
the closing date). The rent roll must show all of the items
on the RECC Rent Roll Form. |
Commercial or Mixed Use Properties
Only -
provide the following prior to loan approval:
Fully executed copies of
all
Commercial Lease Agreements with
all
amendments and exhibits. |
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Income & Expense
Statement - Current
Actual (not projected) YTD and 2006
(signed by borrower).
** Please provide source documents (e.g.; the
documents you received from borrower or seller) |
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A completed
Third Party
Access Form. |
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A completed
Borrowing Entity
Vesting Form
- illustrates the ownership % of the borrower. |
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CIP Form
- must be completed and signed by the borrower(s).
The Customer Identification Program Form (CIP) is
required for bank compliance purposes. |
|
Purchase & Sales
Agreement with any
addenda. If the Closing Date stipulated on the Purchase
Agreement has passed, please provide a signed Purchase
Extension.
(PURCHASE
TRANSACTION ONLY). |
|
Digital Color
photos of property -
illustrating interior and exterior of the property
and street scenes. |
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RECC Credit Authorization Form - completed and signed. (FOR
EACH BORROWER) |
|
Loan Application
& Environmental Questionnaire
- completed and signed
(FOR EACH BORROWER) |
|
Commercial Loan
Application (or 1003 or
equivalent).
MUST BE
LEGIBLE and SIGNED
(FOR EACH BORROWER) |
|
Personal
Financial Statement Form
- stating Borrower / Guarantor information and current
financial balances.
MUST BE
LEGIBLE and SIGNED and DATED
(FOR EACH BORROWER) |
|
Schedule of Real
Estate Owned
- Personal and/or Entity (complete with current balances,
ownership %, acquisition date, purchase price, signed and
dated)
(FOR EACH BORROWER) |
|
Bank / Investment Account Statements -
to verify liquid assets shown on application with a minimum
of 6 months post-closing P&I.
(FOR EACH BORROWER) |
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Borrower's Real Estate Ownership
and/or Property Management Experience - Brief description,
real estate experience resume preferred.
(FOR EACH
BORROWER) |
|
Borrower's
Credit Report -
Explanation of derogatory credit and / or Evidence
item paid off / released
(if applicable) |
|
Verification of Mortgage(s) - If Subject lien(s) are NOT
listed on the credit report. |
|
Capital
Improvements Worksheet
(if improvements were made to property within the past 24
months); and if applicable - estimates of work to be
completed (completed, signed and dated) |
|
Property Management Company - Resume of experience and copy
of executed Management Contract (if applicable) |
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Laundry Facility - If any laundry equipment is leased,
please provide a copy of Lease |
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Signed
IRS 4506-T
forms for all borrowers and business entities (available on
IRS web site: www.irs.gov/pub/irs-pdf/f4506t.pdf).
NOT REQUIRED for trusts that do not file separate tax
returns. |
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Federal Tax Returns -
SIGNED
Copies of 3 most recent year's filed returns with all
schedules and
K-1's, with filer's wet
signature in blue ink, if possible.
(Copy of extension if current filing delayed)***DOES
NOT APPLY TO PURCHASE LOANS UNDER STANDARD PROGRAM; ONLY
SCHEDULE E'S ARE REQUIRED FOR REFI'S UNDER STANDARD
PROGRAM*** |
|
Form W-9 - SIGNED by Broker of Record; this is required in
order for RECC to pay your Service Release Premium (rebate).
Obtain a copy at: http://www.irs.gov/pub/irs-pdf/fw9.pdf |
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Broker Fee
Agreement -
SIGNED
by Broker of Record and Borrower. |
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Broker Fee
Demand -
SIGNED
by Broker of Record illustrating the Broker's Up-Front
Fee(s); this is required if Up-Front fee(s) are charged. |
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CONDITIONAL APPROVAL LETTER |
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Conditional
Approval Letter Items
- This is a standard checklist and may not contain every
item that may be required. Please submit any additional
items listed on the Conditional Approval Letter. |
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For Individual Borrowers - addt'l items |
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YTD Profit & Loss Statement / 1099
Form - (if self-employed)
**IF OWNER-USER** |
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Verification of Income - VOE or 2 most
recent Pay Stubs; If Retired - SS, IRA, or Pension
Distributions - (not self-employed)
**IF OWNER-USER** |
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For Entity Borrowers (except revocable trusts) - addt'l
items |
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Application for Tax ID Number - for newly formed entities
only |
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Trusts - Lender Certification of Trust
form with copy of pages showing the
Name of Trust,
Powers & Authority,
&
Trustees Signatures. |
Limited Liability Company -
All Managers &
any Member with 25% or more interest are to be documented
1. Copy of
Operating
Agreement
and
Resolution
with all amendments, exhibits, and
ownership totaling 100%
2. Copy of State
filed
Articles of Organization
and all amendments to the Articles
3.
If applicable,
copy of the most recent State filed Statement
or
Annual
or
Biennial Report
4. Current
Certificate of Status from Secretary of State (State of
formation)
5. Current Certificate of Status from Secretary of State
where property is located (if Borrower is a foreign entity) |
Partnership -
All General
Partners & any Limited Partner with 25% or more interest are
to be documented
1. Copy of
Partnership Agreement
and
Resolution
with all amendments, exhibits, and ownership totaling 100%
2. Copy of State
filed Certificate
or
Statement of Partnership and all amendments to the
Partnership
3.
If applicable,
copy of the most recent State filed Annual
or
Biennial Report
4. Current
Certificate of Status from Secretary of State (State of
Formation)
5. Current Certificate of Status from Secretary of State
where property is located (if Borrower is a foreign entity) |
Corporation -
1. Copy of
By-Laws
and all amendments thereto
2. Copy of State
filed
Articles of Incorporation
and all amendments
3.
If applicable,
copy of State filed Statement
or
Annual
or
Biennial Report - listing all Officers & Directors of the
Corporation
4. Current
Certificate of Status from Secretary of (State State of
formation)
5. Current Certificate of Status from Secretary of State
where property is located (if Borrower is a foreign entity) |
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For Purchase Transactions - addt'l items |
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Proof of Funds
that demonstrate 3-6 months post-closing reserves for
Principal and Interest (see Program Guidelines) |
|
Insurance agent contact info & copy of Insurance proposal
(annual premium must be referenced) - Must meet RECC's
insurance guidelines |
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Termite Inspection Report (if required in purchase agreement
or if required by 3rd Party) & Termite Clearance (if work
completed) |
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Roof Certification - If required by 3rd Party |
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Certificate of Occupancy - If required by 3rd Party |
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For Refinance Transactions - addt'l items |
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Certified copy of the Final Settlement Statement from the
acquisition on the subject property (may be required if the
subject property was purchased within 2 years of this loan) |
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Property Tax Bill - Copy of most current |
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Insurance Certificate - Copy of most recent property hazard
insurance certificate (current invoice must be included)
**MUST COMPLY WITH RECC MINIMUM COVERAGES and LOSS OF
RENTS** |
|
Mortgage Statement - Most recent showing current balance |
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TITLE |
Preliminary Title Report or Title Commitment (in applicable
states) - MUST include:
1. Copies of
underlying documents
2. Plat Map / Plotted
easements )if applicable), and
3. Closing Protection
Letter |
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1031 TAX DEFERRED EXCHANGES |
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Copy of Accommodator Statement or certified copy of the
Final Settlement Statement - showing funds for the loan down
payment Accommodator |