When submitting existing
notes (business or real estate secured), the worksheet MUST be accompanied
by a complete copy of the signed note to enable us to get the credit run on
the payor. While a credit score is helpful, it doesn't tell the complete story.
There IS a difference between, for example, a 'good' 540 score and a 'bad' 540.
What's in the report can be more important than the actual 'score'.
To quote a price on simultaneous closings, we will need:
-
a
complete, signed copy of the payors 1003;
-
an
authorization to run credit;
-
a
completed note worksheet;
-
max.
95% LTV on owner occupied, 85% on non-owner occupied
- DTI (debt to income
ratio) less than 49%
- in some cases, one
payment may be required prior to closing
For the
'best' pricing, the payor should have at least 2 active trade lines in good
standing
We can help you structure
the note for you and qualify your buyer!
The bottom line is that there are many investors out there that will quote a
price based solely on the credit score but the reality of the situation is that
when we, or anyone for that matter, quotes you a price, the last thing you want
to hear is that upon doing due diligence, something is discovered that will
cause the purchase price to drop, or the deal to be passed on entirely. The
more info you can give us up front, the less surprises you'll get later on when
we both have substantial time and effort invested in the deal.
These items can be faxed to (309)
437.7378