OTHER RESOURCES. Pg. # 353

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1 OTHER RESOURCES Pg. # 353

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15 COGO CAPITAL NEEDS CHECKLIST Application Completed and signed Cogo Capital loan application Completed and signed schedule of real estate owned form Completed and signed Schedule of real estate sold form Completed and signed zero tolerance loan fraud policy form Completed and signed broker fee agreement (if applicable) Application fee paid for ($197 Guarantor 1 and $97 each additional) Business Entity Business must be active on the secretary of state website IRS letter verification of federal EIN number Recorded articles of organization/ incorporation Operating agreement for LLC/ corporate resolution and bylaws listing all member and the percent of ownership they have (If they have one) Guarantor Information Photo ID Social Security Card- Signed Personal and business tax return- Signed Credit Report pulled- COGO will obtain this Background check completed-cogo will obtain this Bank statements 2 most recent months with all pages Hazard Insurance Binder Must be for 12 months In name of LLC only- Must show full premium due Loan No- Mortgagee Clause Lake City Servicing, ISAOA 701 E Front Ave 2nd Floor Coeur d Alene, ID Flood certificate- We will obtain this Purchase Agreement (If applicable) Purchase and sales agreement signed by buyer and seller Copy of earnest money deposit Buyer must be in the name of business entity Can NOT be marked convention/cash Pg. # 367

16 Preliminary title report- PLEASE PROVIDE ADDRESS TO ORDER Must be within last 60 days 24-month chain of title Owner s Policy in the name of Lender- Cogo Capital, LLC ISAOA Must be vested in name of business entity at closing (If its not we require a quit claim deed from title) Payoff or satisfaction for any judgments or liens on title if it s a refinance Closing protection Letter Appraisal- Current and as is appraisal Lease (If applicable) Lease agreements for subject property Bid (If applicable) Contractor bid Contractor License and Insurance NVMS Inspection If rehab is over $20,000- See separate order NVMS Draw Schedule HOA (If applicable) If the property is in a home owner s association, we will need the following information: Bylaws Coy of Dues CC&R s Master Fidelity Policy (If condo) Pg. # 368

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25 (Entity Name & State of Incorporation, if applicable) (Print Name) (Signature) (Print Title if applicable) (Print Date) (Entity Name & State of Incorporation, if applicable) (Print Name) (Signature) (Print Title if applicable) (Print Date) Pg. # 377

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27 VETTING WORKSHEET Pg. # 379

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30 VETTING WORKSHEET Pg. # 382

31 Background Details About Their Deal Borrower s name Borrowers best address Complete property address State okay? Today s date Borrower s best phone number Under contract? Type of property SFR, condo, etc. Purchase price Closing date Loan amount requested Expected repair costs Planned time to complete rehab Planned time to market & sell or lease (if flip) As-Is Value In current condition (based on what sources?) Value After Repaired (ARV) (based on what sources?) Exit strategy How will they pay us back? How much money are they putting into project? Loan term (mos.) FICO Score (if desired for consideration) How many deals in last 12 months? How many deals total? How much profit on their last deal? Expected profit for this deal? Cross-collateral address (if applicable) Business entity type and name What rates did they budget for their cost of capital and how did they determine them? Borrower/guarantor names Market rental rate (and source) Liquid (cash) reserves available for closing & rehab Guarantors employed outside investing? Explain foreclosures, bankruptcies or other negative credit items Date appraisal ordered Appraised value Fee agreement signed? Date application received (Use the space below, the back of the form, or additional pages for extra notes. Keep this form in your Prospect, Processing, and Closed and/or Withdrawn folders to track your contacts.) Pg. # 3

32 BROKER PREPROCESSING CHECKLIST DATED CONTACT NOTES Cogo or Secured Investment Residential Application Packet Business Entity Information for borrowing entity Additional Information summary Pg. # 3

33 Background Details About Their Deal Borrower s name Borrowers best address Complete property address State okay? Today s date Borrower s best phone number Under contract? Type of property SFR, condo, etc. Purchase price Closing date Loan amount requested Expected repair costs Planned time to complete rehab Planned time to market & sell or lease (if flip) As-Is Value In current condition (based on what sources?) Value After Repaired (ARV) (based on what sources?) Exit strategy How will they pay us back? How much money are they putting into project? Loan term (mos.) FICO Score (if desired for consideration) How many deals in last 12 months? How many deals total? How much profit on their last deal? Expected profit for this deal? Cross-collateral address (if applicable) Business entity type and name What rates did they budget for their cost of capital and how did they determine them? Borrower/guarantor names Market rental rate (and source) Liquid (cash) reserves available for closing & rehab Guarantors employed outside investing? Explain foreclosures, bankruptcies or other negative credit items Date appraisal ordered Appraised value Fee agreement signed? Date application received (Use the space below, the back of the form, or additional pages for extra notes. Keep this form in your Prospect, Processing, and Closed and/or Withdrawn folders to track your contacts.) Pg. # 3

34 BROKER PREPROCESSING CHECKLIST DATED CONTACT NOTES Cogo or Secured Investment Residential Application Packet Business Entity Information for borrowing entity Additional Information summary Pg. # 3