MONEY BROKER PACKET. For ALL Commercial Funding Requests, Please Read Through This Packet FIRST! Presented By: Ron Espinoza
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1 InHome Financing MONEY BROKER PACKET For ALL Commercial Funding Requests, Please Read Through This Packet FIRST! Presented By: Ron Espinoza
2 InHome Financing Dear Commercial Real Estate Investor; This is an exciting time in your life because you are making some critical decisions to become wealthy in a time where there are endless real estate acquisition opportunities. I can only commend you for seeing and moving on commercial real estate deals during an economic time that may be challenging for most people; these are the times that make investors millionaires. "Buy low, sell high" is the motto that all multi-millionaires have and it's clear that you've gained insight to this insider secret. Secrets to Using OPM Real estate investing revolves around Other People's Money (OPM). If you are going to be a successful commercial real estate investor, you will need to master the art of real estate finance. In this packet, I'm going to guide you through the process so please do not skip over any of my important information. For the past decade I've been working with commercial real estate lenders. What is disheartening to me is seeing new investors who don't know any better fall into the traps of commercial lending. There are many unscrupulous characters out there who will make promises that they cannot deliver on. I want to offer you as much valuable information before you apply for your commercial real estate loan to help divert you from a potential lending disaster. Holy Grail in Lending The biggest myth in commercial real estate is the "Holy Grail" of lending or the "100% LTV (loan-to-value), No Personal Credit Needed" loan. The only time you can get a true nocash-no-credit property is by using a property owner for 100% owner financing or a lease-option deal. If you aren't involved in a 100% owner financing/lease-option OR a situation where you are getting 100% bank-direct funding on a bank-owned (REO) foreclosure property (which is rare) then you will not be able to get a 100% LTV on a commercial property using a conventional lender. The other issue is that many new investors want a non-course loan (to negate personal financial responsibility) and yet they do not have the right type of property or loan size to make this happen. You can look at my FAQ sheet for information on what is required to get a nonrecourse loan. Finally, I am not a broker that has lenders who will work with partial owner financing deals. If you plan on having the seller hold paper (or a private seller second), I cannot know about any "deal on the side" you have going on with the seller of your property UNLESS it s with the 60/30/10 program (which I ll explain in a minute). Anything you tell me will be revealed to my lenders because this is what is required of me as a broker. Anything you don't want the lender to know, including any private mortgage contracts you want to privately have with the
3 seller, is not something you need to tell me (verbally or in writing) nor should you tell me at any time during the process. My most popular loan programs are: Loan Programs 90/10: meaning 90% (LTV) of the purchase price is funded by SBA with the lowest possible commercial interest rates and the best amortization terms available and 10% (LTV) being a cash down payment from the buyer. This type of loan requires very good credit and verifiable funds as cash down but you get the best terms and can invest in areas (like Florida) where the LTVs are still a low 65% for other conventional loans. 80/20: meaning 80% (LTV) of the purchase price is funded by a conventional lender with the lowest commercial interest rates and 20% (LTV) is the down payment amount. Certain states such as Arizona, Florida, Ohio, and Michigan do not offer this 80/20 loan program (unless you qualify for an SBA loan) because of the current economic conditions. Banks and lenders have lowered the LTV to 65% in those states as of right now. This, of course, can change at any time as the economy improves. There has to be a minimum of an 85% verifiable occupancy level for the property to qualify for this type of conventional loan. 60/30/10: meaning 60% (LTV) of the purchase price is funded by a hard money bridge lender with an interest-only short-term loan (18 months or less), 30% (LTV) is seller financing (provided they have this in equity in the property), and 10% cash down. There is no minimum occupancy level. You can use the 60/30/10 on a 0% occupied property if you want. However, you cannot use this program for REO foreclosure properties since the seller is the bank and they will not hold a private note as a second on properties they are selling. The nice part about this program is that once you bring the occupancy up to an 85% seasoned occupancy (of 90 days or more), you can qualify for a conventional loan through the same lender and get much better interest rates and terms on your mortgage. 60/40: meaning 60% (LTV) of the purchase price funded by a hard money bridge lender and 40% carried by the seller as a seller second position private mortgage that you arrange with the seller. The seller MUST have 40% equity in the property and you must cover all due diligence costs (including appraisals, building inspections, etc.). The loan points are typically 5 to 8 but can be rolled into the loan principle. 60/35/5: this is a BRAND NEW program that works much the same as the 60/30/10 and the 60/40. The 60% LTV is held as a first position by the bridge lender, 35% is a seller second, and there is 5% cash down (of the purchase price) that is due at closing. Recourse vs. Non-Recourse Loans A non-recourse loan is that which you are not personally liable for in the event of loan default or foreclosure of the property and it does not end up on your personal credit. A recourse loan is that which you are personally liable in the event of loan default or foreclosure of the property and this loan ends up on your personal credit. All commercial loans (conventional or hard money) are recourse when the funded amount is below $1,000,000. Most hard money loans (under or over $1,000,000) are recourse loans. To be on the safe side, make sure the funded amount is above $1,000,000 and you re using a conventional lender or bank for your loan to ensure it will be non-recourse.
4 One of the biggest misconceptions is that people has is that they shouldn t get involved with a recourse loan. Recourse loans are sometimes unavoidable (as with the 60/30/10 program) where you are trying to get into an underperforming property with a short-term loan. People fear recourse loans because of the personal liability. You shouldn t fear the personal liability unless you think you want to purposely screw over the bank (and you re in the wrong business if you re thinking that) by going into foreclosure later. Most of your loans should be non-recourse. To get into a property, it s not a bad idea to consider a recourse loan with the intention of refinancing it into a conventional non-recourse loan within months, especially if it s a solid cash flow property that you don t want to miss out on and you have no other funding means to purchase the property. Just be sure that the funded amount exceeds $1,000,000 to qualify for the non-recourse loan upon refinancing. Borrowing Down Payment Money The only way you can borrow down payment money is if you get a personal or business line of credit or loan; you can also borrow money from friends, family, co-workers, associates, etc. You cannot borrow down payment money from a commercial conventional or hard money lender. No lender will take a second position on a property as a secondary lender to purchase a property. The only time you can take out a second mortgage is if you already own the property. Therefore, I cannot get loans for down payments so please don t ask. Due Diligence Requirements One of the biggest problems with new investors is that they don't do any basic due diligence on a property they found online, usually using as a tool to tap into the online MLS. Some of the things you need to be aware of when you are considering buying a property is: 1) What are the "actual" numbers including income and expenses for the past 12 months? You do not want "proforma" numbers which are projections of what the property could be cash-flowing. You can get the "actuals" from the listing agent via or by placing a phone call to get this information. 2) How much money does the seller owe on the property? How many loans are on the property and for how much total? How many sellers are there? You can get this information through the listing agent. 3) What is the verifiable occupancy level? You should get a rent roll for the past 3 months or longer to see how many tenants are in the property paying rent. Those that are not paying rent do not count as part of the occupancy level percentage. Once you get the above information and you know whether the property has a good solid cash flow then you can start negotiating your final purchase price. You typically do this by putting in an LOI or offer form to the listing agent on record for less than what their asking price is. They will begin negotiating with you either verbally or via . Once you "lock in" an agreed purchase price that both you (the buyer) and the seller are happy with then you are in the "pre-contract" phase. This is when you can officially start the process of applying for your commercial real estate loan with me. The Service I Can Provide for You
5 To get the process started, get your property UNDER CONTRACT then you can fill out my Loan Worksheet. Mail it into me with a non-refundable $500 fee and I will be able to get you a loan preapproval within 3 business days. The total processing fee is a non-refundable $1,500 but you won t be asked for the remaining $1,000 until after you are approved for the loan and you re ready to move forward. The loan worksheet is in this packet. My Loan Worksheet is the ONLY thing I need. I do not need or want a Cash Flow Evaluator Worksheet or a Loopnet.com listing. I ONLY NEED MY 3-PAGE WORKSHEET FILLED OUT AND NOTHING ELSE FROM YOU UNTIL REQUESTED! (The total retainer will be between $2,500 and $5,000 depending on the type of project you re submitting for approval.) If you have any questions after you thoroughly read through this information packet at least once, please call me at (734) or me at respinoza@inhomefinancing.com. Sincerely, Ron Espinoza Ron Espinoza
6 Frequently Asked Questions 1) What type of properties do you get loans for? I can get funding on residential-commercial (apartment buildings of 5 or more units), commercialcommercial (office buildings, strip malls, etc.), storage units, restaurants, gas stations, and mobile home parks. I do not get funding on residential properties but I can refer you out to another broker if you need a residential lender. 2) What is your highest LTV? The highest LTV (loan-to-value) is 80% provided the loan size is greater than $1,000,000, the verifiable occupancy level is 85% or higher (for 90 days before closing), and the property is located in a "major market" (or a market where the population exceeds 250,000 people or more). I can get LTVs as high as 90% with an SBA loan but this requires very good personal credit. Note: Since the financed amount must exceed $1,000,000 then the final purchase price should be $1,250,000 or higher. 3) What are the loan terms and rates? The interest rates run between 5.5% and 12%. This depends on the property and the lender that is used. The terms can range anywhere from a bridge loan with a term of 1 year to a fullyamortized loan term of up to 35 years on a fixed rate schedule. 4) What are your points and fees? Fees are typically 3-4 points (or percent) for the broker and approximately 1 point (or percent) for the lender. Some lenders will charge 2 or 3 points but this is somewhat rare and usually when you are paying the higher lender points you will be getting great loan terms. The points are based on the amount being borrowed and not the total sale price of the property. 5) What's the difference between a non-recourse and a recourse loan? A recourse loan requires you to put up your personal credit and a personal guarantee to close the loan. This is reported on your personal credit report by all 3 credit reporting bureaus. A nonrecourse loan does not report on your personal credit reports. However, with all commercial loan types in our tighter lending environment, a personal guarantee is expected by all major lenders in this market. The difference is that you aren't personally "on the hook" for a non-recourse loan as you are for a recourse loan. In the event that you default on a non-recourse loan, your company or LLC can file for bankruptcy against the mortgage and it wouldn't affect you personally even if you did provide a personal guarantee. This is why most investors want a non-recourse loan. 6) How can I make sure I get a non-recourse loan? The loan size must be $1,000,000 or greater. The occupancy level must be 85% or higher. The property must be located in a major market where the population size is 250,000 or greater.
7 7) What is your time frame to close? Once the investor is formally engaged, depending on the lender and which program it is, the closing can take place anywhere from 30 to 90 days. 8) Do you use hard money lenders? No, I typically do not use hard money lenders to close loans. 9) What is DPA and how does it work? DPA stands for "down payment assistance" and it's an unofficial term that is not really used in the commercial lending business. This is when you have a one-stop-shop company who can provide "wet" or transactional funds for your down payment with a Proof of Funds (POF) or Letter of Credit (LOC) to show the first-position conventional lender that you have the required down payment (which, in my case, is typically 20%). The buyer then asks the seller for a "buyer's repair credit" for the amount of the needed down payment (plus needed closing and due diligence costs) which is used to pay back the transactional funder for the amount they put into escrow for the cash down payment. Sellers would typically "hold paper" or offer a private mortgage contract on the back end where the buyer would make payments to the seller after the close of escrow to cover the amount they gave up in their equity in the buyer's repair credit. There are no longer any one-stop-shop companies that do both the partial transactional funding and POF together. If you were interested in using this technique, you would have to seek out a "transactional funding company" and a "proof of funds company" both separately (and you can do this by using Google.com). Transactional funders do not provide loans. This is not a loan program for a down payment. You are borrowing the money for a single day and paying a fee for them to do this for you. You would also have to make sure that the seller has the amount needed (20% plus fees) in equity in order for you to make this type of deal work. If you choose to use a DPA program or method for your down payment because you do not have the cash down to complete your transaction, I cannot know about this arrangement otherwise I have to disclose this to my lenders. If a lender finds out you are not using any of your own cash to fund a deal that requires a down payment, they will not approve your loan or fund your property deal. For more information on how this works, I recommend you check out a video at and go to the Video link under Resources on the home page to the right. Look for the DPA video and watch it to fully understand this process. If you plan on using the DPA method, I cannot know that you are doing this. Please keep this detail to yourself. 10) Can I use partial owner or partial seller financing to close my deal? I cannot assist you in using partial owner financing in a deal where you expect a conventional lender to take a majority LTV while a seller holds paper on the remaining amount either as a second lien holder or on a private mortgage contract.
8 Instructions on Applying for a Commercial Loan If you have found a property that you want to get a preapproval for and you don t need any of the services outlined on the previous page, you can follow these simple instructions: Step 1: Fill out the 3-page form (starting on the next page). You can either mail or fax it to me. Step 2: Write out a check or money order for $500 to "InHome Financing." Include the check or money order with the 3-page form and mail it to: InHome Financing Attn: Ron Espinoza PO Box 622 Garden City, MI Because of recent fraud on my account, you will have to call me directly at (734) or me at respinoza@inhomefinancing.com in order to get wire instructions to my business savings account. I am no longer permitting wires to my business checking account anymore due to certain unscrupulous individuals using that information for the purposes of committing bank fraud. Step 3: Once your application and $500 payment is received, it will take up to 3 business days for me to get a preapproval for you. Step 4: Once you receive your preapproval, you will be required to put your property deal under contract. Upon putting our deal under contract, you will have to submit a processing agreement to me. This will be a remaining balance of $997. You can follow the payment instructions above for this additional fee. My fees are non-refundable. Step 5: My lender requires a retainer fee of $2,500 for preliminary due diligence which is credited back at closing provided that your loan size exceeds $500,000. This fee will be requested once you are completely under contract and have secured your pre-approval with me. Step 6: You will be asked to provide specific documentation directly relating to your property transaction. These documents vary per deal and are simple to round up if the seller is above board and can provide bank statements, filed tax returns, current rent rolls, trailing financials, etc. This is why it's recommended that you ask the seller if he or she can provide these documents before entering into a contract on the property because all lenders are asking for this basic paperwork in order to fund any property deal. You will also need to provide an executive summary outlining your long-term plans for your property. Step 7: Once you submit all the required documentation, an appraisal will be ordered. This is ordered by whichever lender or bank I use to fund your property deal. Once the appraisal is complete and all the requested documentation is provided, you should order a building inspection since many lenders and banks are now requesting a building inspection report. SAMPLE OF HOW TO FILL OUT THE WORKSHEET
9 Loan Worksheet Page 1 of 3 Acquisition of Rental Property Attn: Ron Espinoza This first section is to be completed by submitting BROKER This Section NOT To Be Altered! Broker Company Name InHome Financing Broker Address PO Box 622 City Garden City State MI Zip Code Contact Name Ron Espinoza Title President Business Number Address respinoza@inhomefinancing.com The remainder of this worksheet is to be completed and signed by BORROWER Purchase Price $2,500,000 Cash contributed by buyer $500,000 Any note amount held by seller $0 Loan request $2,000,000 The "Amount Held By Seller" Must ALWAYS Be $0! Personal credit scores of buyer Important: All 3 Credit Bureau FICO Scores MUST Be Included! Is buyer an existing company/business or an individual? LLC The following questions pertain to the property to be acquired: Property address 1313 Mocking Bird Lane City Major State NY Zip 12345
10 Loan Worksheet Page 2 of 3 Acquisition of Rental Property Property Description How many acres? 1.2 Building square footage? 15,000 Owner Occupied is Usually 0% Unless the Current Owner is Living on the Property! The Occupancy Percentage is Extremely Important! Please Do Not Neglect to Fill in a Percentage! How many stories? 5 How many units? 100 When built? 1983 Wood Frame, Steel, Brick etc.? Wood Frame Percentage Owner Occupied? 0% Percentage Rented or Leased? 90% Percentage Office Space? 0% Percentage Warehouse Space? 0% Percentage Retail Space? 0% Percentage Apartments? 100% Percentage Condominium? 0% Percentage Light Industrial Space? 0% Percentage Other? 0% Total mortgage(s) against property now $1,750,000 This Data is Gathered from the Seller or Listing Agent! In Fact, Any Data You Do Not Know About the Property Can Be Acquired from the Seller or Listing Agent! If the property to be acquired is income producing please indicate annual revenue and net income numbers below:
11 2017 revenue $355, net income $286, revenue $347, net income $273, revenue $324, net income $241,789 Revenue = GOI or Gross Operating Income Net Income = NOI or Net Operating Income NOI Does NOT Include the Current Owner's Debt Service (Mortgage) Is property currently profitable? Yes If the Property is Not Making an Income or is Not Profitable, You MUST Offer a Reason as to WHY It's Not Profitable; Reasons May Be That the Property is Underperforming or Vacant in Need of Rehab! If so, for how many consecutive months? 60 Does seller have accountant prepared financial statements on property to be sold? Yes If so, when does their accounting year end? December 31st Loan Worksheet Page 3 of 3
12 Acquisition of Rental Property What type of statement (audited, reviewed, compiled) Audited Are tax returns available relative to the property to be acquired? Yes What type of past experience does buyer have relative to operating this type of property, if any? Commercial Real Estate Investing Are there any existing tax liens or judgments on the property or borrowing entity? No NEVER Put That You Do NOT Have Any Experience; If You Are a New Real Estate Investor, Please Use "Commercial Real Estate Investing" As Indicated Above. Please Do Due Diligence on Your Property Including Calling the County Where the Property is Located to Get Information About Existing Tax Liens, Fines, and Judgments Against the Property! Have there been any personal or business bankruptcies regarding the buyer of this property within the last five years? No Additional Comments, if any: John Doe Signature of Buyer or Authorized Representative John Doe Print Name and Title Date If You Personally Have a Bankruptcy or Foreclosure Within the Past 5 Years, You Need to Have Someone Else Apply for the Loan on Your Property Deal Who Has Better Credit; You Will NOT Be on the Loan ANYWHERE if You Want an Approval!
13 Loan Worksheet Page 1 of 3 Acquisition of Rental Property Attn: Ron Espinoza This first section is to be completed by submitting BROKER Broker Company Name InHome Financing Broker Address PO Box 622 City Garden City State MI Zip Code Contact Name Ron Espinoza Title President Business Number Address respinoza@inhomefinancing.com The remainder of this worksheet is to be completed and signed by BORROWER Purchase Price $ Cash contributed by buyer $ Any note amount held by seller $ Loan request $ Personal credit scores of buyer Is buyer an existing company/business or an individual? The following questions pertain to the property to be acquired: Property address City State Zip
14 Loan Worksheet Page 2 of 3 Acquisition of Rental Property Property Description How many acres? Building square footage? How many stories? How many units? When built? Wood Frame, Steel, Brick etc.? Percentage Owner Occupied? Percentage Rented or Leased? Percentage Office Space? Percentage Warehouse Space? Percentage Retail Space? Percentage Apartments? Percentage Condominium? Percentage Light Industrial Space? Percentage Other? Total mortgage(s) against property now $ If the property to be acquired is income producing please indicate annual revenue and net income numbers below: 2017 revenue $ 2017 net income $ 2016 revenue $ 2016 net income $ 2015 revenue $ 2015 net income $ Is property currently profitable? If so, for how many consecutive months? Does seller have accountant prepared financial statements on property to be sold? If so, when does their accounting year end?
15 Loan Worksheet Page 3 of 3 Acquisition of Rental Property What type of statement (audited, reviewed, compiled) Are tax returns available relative to the property to be acquired? What type of past experience does buyer have relative to operating this type of property, if any? Are there any existing tax liens or judgments on the property or borrowing entity? Have there been any personal or business bankruptcies regarding the buyer of this property within the last two years? Additional Comments, if any: Signature of Buyer or Authorized Representative Print Name and Title Date
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