Standard Document Checklist Due Diligence

Standard Document Checklist 1. 1003 - All borrowers 2. Tri-Merge credit report - All borrowers 3. 2005,2006 personal tax returns - All borrowers 4. 2005,2006 business tax returns - All businesses owned 5. Resume on all borrowers 6. Signed and dated PFS on all borrowers 7. Current MA! Appraisal for review 8. One page executive summary of project 9. Verification of borrower funds currently in project 10. Detailed schedule of real estate owned including subject property all borrowers; listing all recorded lien amounts and loss payees for VOM (Full Recourse) 11. 6 months most recent personal bank statements all borrowers (Full Recourse) 12. 6 months business bank statements all businesses (Full Recourse) 13. Copy of Survey 14. Copy of phase 1 environmental report 15. Copy of Contract of Sale 16. Letter of explanation on use of funds (exit strategy) 17. Contractors and/or project managers resume 18. Contractors estimate of costs 19. Estimated rehab draw disbursement schedule 20. Copy of Permits and approvals 21. Copy of Contractors license and insurance information for liability 22. Tax information and record of last payment on subject property 23. Current property insurance information and copy of policy 24. Recent color photos 25. Name of closing attorney 26. Name of Title Company to be used and contact info Some other documents may be requested once the underwriting, due diligence and verification process begins