In order to initially evaluate your request, we must receive the following information:
This should be a complete, extensive overview of the project that includes:
DESCRIPTION OF PROPERTY:
Address, project name, estimated value, number of units, occupancy, etc.
Entity and individuals who own the property or to be created.
LOAN AMOUNT & USES OF FUNDS:
Debt owed, other liens on the property, uses of cash.
DATE OF PURCHASE & PRICE:
How much cash does the borrower have invested?
Current debt on property (including terms and if current), current NOI, 3-yr pro-forma NOI and
any stabilization notes or key events.
SOURCES & USES:
Explain how and where the funds will be used, including the source of your investment funds and
funds already invested in the project.
Give us a clear picture of what is going on. What is the situation, and why should we finance the project?
Provide pictures of the current condition of the property to give us a better idea of the nature of
the project that we are financing.
SPONSORS & BIO
We need to know about each and every Principal in the transaction. We want to know about their background, level of experience, position, and connection relative to this project.
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Texas Mortgage Banker Disclosure: Pursuant to the requirements of section 157.007 of the Texas Mortgage Banker Act, chapter 157, Texas Finance Code, you are hereby notified of the following: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550..
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