Statement of Understanding & Disclosure Private Money & Hard Money

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Morgan Dennis
6 years ago
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1 Statement of Understanding & Disclosure Private Money & Hard Money Please Initial all Statements I understand that failure to complete the On-Line Application in its entirety will result in denial of the application. I understand that a One-Time only per borrower application fee will charged to my credit / debit card of $ I agree and understand that this fee is NON-Refundable. I understand that payment of this fee does NOT guarantee an approval of my application. I disclose that I have completed the rehab loan / Private money loan informational video located on the public website. I fully understand the product as disclosed to me via the following: Verbal by a CFA Associate, Processor, online video, , fax, telephone. I do have correct contact information of the CFA Associate, department to ask any and all questions. I understand that I will be contacted directly by third party vendors involved with the completion of my loan request. These may include Appraiser s, CFA Associates, Underwriters, Investors, title companies. I understand that qualification guidelines are subject to change at any time. MIGF s private investors may stipulate addition closing guidelines during the underwriting process. I understand that I may NOT select my own appraiser. Current appraisals will not be accepted. I understand that I may NOT select my own title company. I understand that the borrower may be approved for funding, however requested to select a different subject property. I understand that a processing fee will apply to each loan application. This processing fee will be paid prior to funding of my final loan terms, and will NOT be included in my final loan amount. I understand that a final term sheet will be issued by the private investor. Signature of Applicant: Date: Signature of Co-Applicant: Date:

2 Summary Page Borrower Contact Information Home Phone Work Phone Cell Phone Associate / Loan Officer Contact Information Home Phone Work Phone Cell Phone Seller Contact Information Home Phone Work Phone Cell Phone Property Information Address City State Zip Code Purchase Price Rehab Cost After Rehab Value Purchase Contract in Place? Date Signed Closing Date Yes No Preferred Title Company Phone Please complete all information availible upon application. In the event there is no property at the time of application please submit all information in format to rehab@cfamig.com once property is selected. Submit to rehab@cfamig.com or fax to

3 General Credit Authorization I hereby authorize Commercial Funding Alliance to verify my past and present employment, earnings records bank accounts, stock holdings and any other asset balances needed to process my mortgage application. I further authorize Commercial Funding Alliance to order a mortgage credit report and verify all other credit information, including past and present mortgage and landlord references. It is understood that a photocopy of this document shall also serve as an authorization to provide the information requested. The information obtained is only to be used in the processing of my mortgage loan application, ame Social Security umber Address City State Zip Code Phone umber Signed Date

4 Personal Financial Statement As of Business Phone: Residence Address: Business of Applicant/Borrower Date of Birth Residence Phone: Assets Cash in Banks $ Savings in Banks $ IRA / Retirement $ Cash Value Of Life Insurance Complete Section 8 $ Stocks & Bonds Describe in Section 3 $ Real Estate Owned Describe in Section 4 $ Automobile Present Value $ Assets & Property Describe in Section 5 $ Liabilities Accounts Payable Describe in Section 2 $ Notes Payable Describe in Section 2 $ Installment Loans Describe in Section 2 $ Loans Describe in Section 2 $ Real Est. Loans Describe in Section 4 $ Liabilities Describe in Section 7 $ Unpaid Taxes Describe in Section 6 $ Total Liabilities $ et Worth + $ Total Assets $ Total Section 1 Salary Net Investment Income $ Real Estate Income $ Income $ Describe other income: Section 2 Notes Payable to Bank and s (use attachment A if necessary) and address of Note Holder Original Balance Current Balance Payment Amount Frequency (Monthly, etc.) How Secured or Endorsed Type of Collateral

5 Personal Financial Statement Page 2. Section 3 Stocks and Bonds (use attachments if necessary) Number of Shares of securities Cost Market Value Quotation/Exch. Date of Quote Total Value Section 4 Real Estate Owned (List Each Parcel Separately. Use attachments if necessary.) Property A Property B Property C Type of Property Address of Property and address of Title Holder Date Purchased Original Cost Present Market Value and Address of Mortgage Holder Mortgage Account Number Mortgage Balance Monthly Payment Status of Mortgage Section 5 Personal Property and Assets (describe, if any is pledged as security, state name and address of lien holder amount of lien, terms of payment, and if delinquent, describe delinquency) Section 6 Liabilities (describe in detail) Section 7 Life insurance Held (give face amount and cash surrender value of policies name of insurance company and beneficiaries). I authorize Broker to make inquiries as necessary to verify the accuracy of the statements made and to determine my credit worthiness. I certify the information contained in the Personal Financial Statement and the statements contained in the attachments are true and accurate as of the stated date(s). These statements are made for the purpose of either obtaining a loan or guaranteeing a loan. I understand FALSE statements may result in forfeiture of benefits and possible prosecution by the U.S. Attorney General (reference 18 U.S.C 1001). Signature Date SSN: Signature Date SSN:

6 Personal Financial Budget (Personal Financial Statement Attachment) I COME Gross Salary or Draw (per latest Tax Return) Spousal Salary (Per latest Tax Return) Gross Rental Income Interest / Dividend Income Income MO THLY EXPE SES Residence Payment (Mortgage or Rent) Rental Property Mortgage Rental Expenses (impounds, cash expenses) Auto Loan Payments (List all debts on Financial Statement) Installment Payments (List all debts on Financial Statement) Credit Card Payments (List all debts on Financial Statement) Utilities & Phone Insurance Payments Food, Clothing Income Tax Property Tax Alimony Child Care/Support Miscellaneous (10% of Monthly Income) Total Expenses Net Discretionary Income I /we hereby certify that the above information is true and correct to the best of my/our knowledge and belief. Signature Date: Signature Date:

7 M.I.G. Funding 9075 Center Point Dr. West Chester, OH Schedule of Real Estate Owned You may type directly into this form. Borrower Legal Properties as of Property Street Address City, State & Zip Property is Titled in Status* See codes below % Owned # of Units Year Purchased Original Cost Current Value Gross Monthly Rents Lender(s) Mortgage Balances 1st Mortgage Monthly Pymt (P& I) 2nd Monthly Mortgage Pymt (P& I) * Property Status Codes FS: For Sale LC: Land Contract PR: Primary Residence PS: Pending Sale R: Rental UR: Under Rehab

M.I.G. Funding 9075 Center Point Dr. West Chester, OH 45069 1-877-433-8826 List of Improvements Borrower Legal Property Address You may type directly into this form.

8 M.I.G. Funding 9075 Center Point Dr. West Chester, OH List of Improvements Borrower Legal Property Address You may type directly into this form. When inputting numbers do not use commas or dollar signs. List provides typical improvements to a property and is not inclusive of all possible repairs for the subject property. Exterior Items Present Condition (good, fair, poor) Description Amount Demo Property Foundation Gutters/Fascia, Downspout Siding/Paint Porch/Deck Landscaping/Fence Roof Driveway/Sidewalk Garage/Exterior Doors Interior Basement Exterior Total Windows Mold Flooring (all rooms) Drywall Trim/Ceilings/Wall Paint/Tile Bath/Vanities/Faucet Tubs/Toilets/Showers Lighting Kitchen Appliances Kitchen: Cabinets, Countertops Mechanicals Plumbing Interior Total Electrical Heating/Cooling Sewer/Septic Systems Total Total Estimated Cost of Repairs

P E R S O N A L F I N A N C I A L S T A T E M E N T AS OF

P E R S O N A L F I N A N C I A L S T A T E M E N T AS OF Complete this form for: (1) each proprietor, (2) each limited partner who owns 20% or more interest and each general partner, (3) each stockholder