Document List for Hard Money Loans

Depending on the type of loan you are looking for, there are specific standards sets of documents that you want to get together ahead of time. South Carolina allows for business purpose loans to be close either in an individuals personal name or a corporate entity name. However, we do recommend that investors hold assets in LLC and other Corporations to provide legal liability protection in the case of lawsuits. 

Please see the standard documents that are needed for each loan type below.

Fix and Flip Doc List

Standard Documents - one-time docs

• Copy of Driver License
• Articles of Incorporation/Organization on your LLC (if using one)
• Original EIN Letter from the IRS on your LLC
• Operating Agreement for your LLC signed by members that shows %’s of ownership
• Copy of Voided Check (acct you will be using for Automatic payments)
• Letter of Good Standing from Secretary of State if LLC older than 1 year
• PRO-BORROWERS ONLY: Experience Tape over the last 3 years
• PRO-BORROWERS ONLY: Hud Settlement statements on (both) the purchase (or entry) & sale (or exit) of the properties listed on your experience tape. If you still own them as rentals, you just need the Hud settlement statement showing that you refinanced out of a bridge into a DSCR/Permanent loan.  Our capital uses this information as verification to match against your experience tape.

Deal Specific Documents

• Loan Application 
• Construction Budget on your rehab with line items (Scope of Work Template).  The line items need to be filled out as to the scope of work you are doing on the properties.  Please be specific as to the scope of work, i.e. Kitchen remodel with marble countertops, new cabinets, back splash, etc.  Redoing floors with Waterproof Vinyl Flooring, Bathroom New Tile and new toilet, new carpet in bedrooms #2 & #3, etc.  This rehab budget is what they are going to go off for repayment on your draws.
• Signed Purchase contract in name of LLC or copy of Original Purchase HUD if refinance
• Insurance agent info (Name, #, Email)
• Title info for closing agent (Name, #, Email)

Rentals - (Both STR and Long Term Rent) Document List

• Copy of Driver's License
• Articles of Incorporation
• Original EIN Letter from the IRS on your LLC
• Letter of Good Standing on your LLC from the State wherever your LLC was registered. (If LLC is older than 1 year)
• Operating Agreement for your LLC signed by members that shows %’s of ownership
• Copy of a Voided Check (account that you will be doing Automatic payments out of)
• 2 Months Bank Statements (looking for 6 months liquidity)

New Construction Doc List

•Copy of Driver's License

•Articles of Incorporation

•Original EIN Letter from the IRS on your LLC

•Letter of Good Standing on your LLC from the State wherever your LLC was registered.  (If LLC is older than 1 year)

•Operating Agreement for your LLC signed by members that shows %’s of ownership  (attached)

•Experience Tape over the last 2 years (attached)

•Verification documents for experience tape: HUDs on purchase and exit of the properties sold

•Copy of Voided Check (acct that you will be using for automatic payments)

•Personal Financial Statement

•2 Months bank statement showing interest reserves (10% of rehab budget, 6 interest reserves (if the repeat client we can go up to 3 months, closing costs + fees).

Deal Specific Documents

•Loan Application

•Construction Budget on your new construction with line items.  The line items need to be filled out as to the scope of work you are doing on the properties.  Please be specific as to the scope of work, i.e. Kitchen remodel with marble countertops, new cabinets, back splash, etc.  Redoing floors with Waterproof Vinyl Flooring, Bathroom New Tile and new toilet, new carpet in bedrooms #2 & #3, etc.  This rehab budget is what they are going to go off for repayment on your draws

•Copy of Drawings/Plans for the Construction

•Copy of Drivers License for General Contractor

•Copy of Workers Comp Insurance for General Contractor

•List of recent projects completed by GC on New Construction

•Insurance Agent (Name, #, Email)

•Title info for closing agent (Name, #, Email)

•Point of Contact to allow appraiser access to the property