st Owners Inc.

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1 st 41st Owners Owners Inc. Inc st Owners Inc. The Plaza st Avenue Flushing, NY REQUIREMENTS FOR FINANCING AND/OR CASH OUT REFINANCE Send the completed package and appropriate copies to: John B Lovett & Associates th Avenue College Point, New York Attention: Victoria A. Balbuena Contact Information for Victoria: Direct: (718) or via vbalbuena@lovettrealty.com. One (1) Original and One (1) Collated Copy Set (Total of 2 sets) 1. Letter stating reason for financing. Please mention the amount of your current mortgage, the current monthly mortgage payment, and the new monthly payment. Please furnish us with a phone number where you may be contacted directly concerning this refinancing. 2. Bank loan application. 3. Copy of loan commitment letter 4. Copy of appraisal report 5. Copy of most recent mortgage statement indicating balance of current mortgage 6. Recognition Agreement a. Please note: You must submit three (3) original 'Aztec' form Recognition Agreements. 7. Employment Verification Letter with two paystubs (most recent). 8. Most recent W2s with tax returns. 9. Financial Condition Statement with supporting documentation (bank statements, IRA, 401k & Brokerage Statements). 10. Signed credit authorization form. Special requirements for refinancing in this building: A maximum of 80% of your apartment's appraised value may be pledged. Please note that processing of your application may take 2-3 weeks. Incomplete packages will be returned to sender. The submission of the above documents in complete sets of copies, will expedite the processing of your request. Please include in your package the refinance processing fee in the amount of $ and a credit check fee of $75 per applicant, made payable to John B. Lovett & Associates, Ltd. 1

2 IMPORTANT INFORMATION REGARDING YOUR SOCIAL SECURITY NUMBER PROTECTING YOUR PRIVACY In order to protect your privacy please remove / blackout your social security number from each financial institution document inserted into the application. Financial condition (net worth) Tax returns Personal loans Bank statements o IRA o CD s o Savings The Credit Agency Authorization Form in the application is the only form that requires your Social Security number. ONLY send one (1) Credit Agency Authorization Form to our office with your original application - do not make or send additional copies of the Credit Agency Authorization Form. The Credit Agency Authorization Form containing your Social Security number will be shredded in our office as soon as we submit the information to the Credit Agency and obtain your credit report. If you have any questions, please contact the Management Office. 2

3 IMPORTANT NOTES Due to the large volume of calls, and applications, received by this office, we kindly ask that you refrain from calling for an update, during the three (3) week processing period. When an update is ready, we will contact your point person, which we recommend should be your Real Estate Broker, or in the absence of a Broker your Attorney. Please advise all parties involved and provide them with the brokers and/or attorney s contact information. In an effort of fairness, we must process applications on a first come first serve basis. If you are concerned about the receipt of the package, please use a method of return receipt via USPS, Fed Ex, messenger service or hand delivery, etc. If there is a problem with the application submitted you will be notified accordingly. Please be advised that submission of an incomplete package may extend the three week processing period. After the application is processed and submitted to the Board you will be advised, via telephone, or , on the next step of the process. Please provide an addresses below and advise our office who will be the point person, (main contact). Please be advised that all parties will not be called/ ed, only the main contact. Brokers: replace your purchase and lease applications every three (3) months to make sure you have a current one. Submission of old packages will cause delays in the processing. Call our office and updated packages could be e mailed to you. Please provide your bank/mortgage broker/appraiser with the attached information. Thank you for your cooperation. 3

4 MOST REQUESTED ITEMS THAT YOU MAY NEED DURING A PURCHASE, REFINANCE OR EQUITY LINE OF CREDIT. Please note personal checks will not be accepted. All payments must be in the form of Bank certified check, Money order or Company Checks, payable to John B. Lovett & Associates, Ltd. Credit Cards are not accepted. Please note all contact information and fees for the following items: ITEM COST CONTACT PERSON Questionnaire $250 Camilo Ibañez CONTACT # (718) x162 MISC. INFO Please mail $250 with questionnaire and reference the Building & Apartment #. Building Insurance $0.00 (Free) Front Desk (718) x110 Front Desk will provide Insurance Broker s name and phone number. Financials $20 Dale By-Laws $25 Dale Most Recent Amendment $25 Dale Offering Plan (Black Book) $300 Dale (718) x142 dale@lovettrealty.com (718) x142 dale@lovettrealty.com (718) x142 dale@lovettrealty.com (718) x142 dale@lovettrealty.com Please note we charge $20 for each year. Payment must be received with request Located in Offering Plan. Please note payment must be received with request. Located in Offering Plan. Please note must be received with request. Please note payment must be received with request. ALL PAYMENTS, FORMS &/OR REQUESTS SHOULD BE SENT TO: VICTORIA A. BALBUENA JOHN B. LOVETT & ASSOCIATES, LTD , 14 TH AVENUE COLLEGE POINT, NY

5 REFINANCING APPLICATION Shareholder: Building and Apt. No.: Principal Balance: Interest Rate: Original Financing Amount: Monthly Payment: Loan Type: MAXIMUM FINANCING ALLOWED IS 80% OF THE APPRAISED VALUE Refinancing (if applicable) New Loan Amount: Interest Rate: Fixed or Adjustable: Amortization Period: Monthly Payment: Home Equity Line of Credit (if applicable) Loan Amount: Interest Rate: Current Balance of Existing Loan: Monthly Payment: Monthly Payment If Fully Drawn Out: Total Mortgage Payments: Currently Monthly Income: EXPENSES: Maintenance: Mortgage Payment: Other Debts: Total Expenses: 5

6 The foregoing statements and details pertaining thereto, both printed and written, have been carefully read and the undersigned hereby solemnly declares and certifies that same is a full and correct exhibit of my/our financial condition. Date: Signature of Purchase Applicant: Signature of Spouse/Co-Applicant: 6

7 AUTHORIZATION FOR CREDIT CHECK 7

8 CREDIT AGENCY AUTHORIZATION AUTHORIZATION TO OBTAIN A CREDIT REPORT IN ORDER TO COMPLY WITH THE PROVISIONS OF 15 U.S.C. SECTION 1681(d) OF THE FEDERAL FAIR CREDIT REPORTING ACT, I (WE) AUTHORIZE YOU TO RETAIN NEED TO KNOW CREDIT REPORTING, WHICH AGENCY MAY OBTAIN, PREPARE AND FURNISH AN INVESTIGATIVE CONSUMER REPORT INCLUDING INFORMATION ON MY (OUR) CHARACTER AND GENERAL REPUTATION, PERSONAL CHARACTERISTICS AND MODE OF LIVING, WHICHEVER ARE APPLICABLE, AS WELL AS INFORMATION REGARDING EMPLOYMENT, CREDIT AND CURRENT FINANCIAL POSITION. IF THIS IS A LEASE APPLICATION, I (WE) FURTHER AUTHORIZE JOHN B. LOVETT & ASSOCIATES, LTD., AT ITS DISCRETION, TO MAKE A COPY OF SUCH CREDIT REPORT AVAILABLE TO THE OWNER OF THE UNIT WHICH I (WE) PROPOSE TO LEASE. IN ADDITION, WITHIN A REASONABLE PERIOD OF TIME, UPON WRITTEN REQUEST TO JOHN B. LOVETT & ASSOCIATES, LTD., I (WE) MAY OBTAIN A COMPLETE AND ACCURATE DISCLOSURE OF THE NATURE AND SCOPE OF THE INVESTIGATION REQUESTED. Shareholder (Print): Social Security #: Address: Signature: _ Shareholder (Print): Social Security #: Address: Signature: _ 8

9 FINANCIAL CONDITION (NET WORTH) 9

10 STATEMENT OF FINANCIAL CONDITION Please note that all information listed here should have documentation Name: Address: For the purpose of procuring credit from the above named company, or its assigns, the following is submitted as being a true and accurate statement of the financial condition of the undersigned on the day of, 20 FILL ALL BLANKS, WRITING NO OR NONE WHERE NECESSARY TO COMPLETE INFORMATION ASSETS LIABILITIES Cash in Banks: Notes Payable: Savings & Loan Shares: To Banks: Earnest Money Deposited: To Relatives: Investments: Stocks & Bonds: To Others: (see schedule) Installment Accts Payable: Investment in own Business: Automobile: Real Estate owned (see schedule) Other: Other Accounts Payable: Automobiles: (Year & Make) Mortgages Payable on Real Estate: (see schedule) Unpaid Real Estate taxes: Unpaid Income taxes: Chattel Mortgages: Personal property & Furniture: Life Insurance: Loans on Life Insurance Policies: (Include Premium Advance): Cash Surrender Value: Other Assets itemize: Other debts itemize: Total Assets: Total Liabilities: PURCHASER & SPOUSE SOURCE OF INCOME Base Salary: S/E Income: Bonus & Commissions: Dividends & Interest Income: Real Estate Income (Net): Spouse Income (specify): Other Income itemize: Total Annual Income: Net Worth: 10

11 STATEMENT OF FINANCIAL CONDITION (cont d) CONTINGENT LIABILITIES As Endorser or Co-maker on Notes: Alimony Payments (Annual): Are you a defendant in any legal action?: Are there any unsatisfied judgments?: Have you ever taken bankruptcy?: Explain: GENERAL INFORMATION Personal Bank Accounts carried at: Savings & Loan Account at: Purpose of Loan: SCHEDULE OF STOCKS AND BONDS Non-Marketable Amount or Marketable (Unlisted Securities) No. Shares Description Actual Market Value Estimated Worth SCHEDULE OF CASH IN BANKS AND BROKERAGE Location Account Balance 11

12 STATEMENT OF FINANCIAL CONDITION (cont d) SCHEDULE OF REAL ESTATE Actual Market Mortgage Description & Location Cost Value Amount Maturity SCHEDULE OF NOTES PAYABLE Specify any assets pledged as collateral, indicating the liabilities which they secure: To Whom Payable Date Amt Due Interest Assets Pledged as Security The foregoing statements and details pertaining thereto, both printed and written, have been carefully read and the undersigned hereby solemnly declares and certifies that same is a full and correct exhibit of my/our financial condition. Date: Signature of Applicant: Signature of Applicant: 12

BALFOUR OWNERS CORP ND DRIVE FOREST HILLS, NEW YORK, 11375

BALFOUR OWNERS CORP ND DRIVE FOREST HILLS, NEW YORK, 11375 BALFOUR OWNERS CORP. 112-20 72ND DRIVE FOREST HILLS, NEW YORK, 11375 PROCEDURES FOR REFINANCE INCREASE REQUIREMENTS FOR REFINANCING IN EXCESS OF YOUR CURRENT LOAN AMOUNT INCLUDING: LINE OF CREDIT Send