Documentation To Be Submitted With This Application
Please submit the following documentation along with this application. If you have other documentation not listed here, please feel free to submit that as well.
3 Months Most Recent Bank Statements
We utilize the bank statements to showing that you have funds or cash flow to properly capitalize the deal. (includes down payments, interest reserve, working capital and income) If you are also submitting business tax returns please include the appropriate Formation Document and Operating agreement so that we can verify ownership. Without submitting bank statements, we will be unable to review the deal.
The Contract of Sale is the starting point for any deal. This document is important to both Alpha as well as the appraisal and title company. It allows us to verify the deal terms and make sure there is nothing unexpected. This document can take on a few different forms depending on the transaction.
• Contract of Sale: This is for a normal Arm’s Length Transaction
• Conditions of Sale/Winning Bid Sheet: Typical for Sheriff Auctions
• Assignment Contract: This is typically for when you are buying a deal from a wholesaler and outlines your agreement with the wholesaler.
• Short Sale Approval Letter: This document is exclusive to Short Sales. This outlines the terms of the short sale separate from the Contract.
The Budget is one of the most important part of your transaction. It’s guiding force to your rehab. We have attached an excel spreadsheet that outlines clear your Budget line by line. We ask that you use our sample form to present your Budget. This budget is used to evaluate draws and make sure your requests match up with your budget.
As described on Page XX, please submit copies of the HUDS for deals you have previously completed.
Please submit a copy the Driver’s License for all Guarantors.