Fillable LPF Borrowers Loan Processing Checklist FILLABLE V7mar19 (Delaware Real Estate Investors Association)

Fill Online, Printable, Fillable, Blank LPF Borrowers Loan Processing Checklist FILLABLE V7mar19 (Delaware Real Estate Investors Association) Form

Use Fill to complete blank online DELAWARE REAL ESTATE INVESTORS ASSOCIATION pdf forms for free. Once completed you can sign your fillable form or send for signing. All forms are printable and downloadable.

LPF Borrowers Loan Processing Checklist FILLABLE V7mar19 (Delaware Real Estate Investors Association)

On average this form takes 5 minutes to complete

The LPF Borrowers Loan Processing Checklist FILLABLE V7mar19 (Delaware Real Estate Investors Association) form is 3 pages long and contains:

  • 0 signatures
  • 20 check-boxes
  • 12 other fields

Country of origin: US
File type: PDF

Use our library of forms to quickly fill and sign your Delaware Real Estate Investors Association forms online.

BROWSE DELAWARE REAL ESTATE INVESTORS ASSOCIATION FORMS

Related forms
Fill has a huge library of thousands of forms all set up to be filled in easily and signed.
Fill in your chosen form
Sign the form using our drawing tool
Send to someone else to fill in and sign.
find another form
 
PAGE 1
Offered through
Local Pro Funding LLC, PO Box 277, Middletown DE 19709 | Phone 302-428-9018
Loan Processing Checklist
Address: ________________________________________ Settlement Date: _________________
Get Your Loan Started
All items in this section must be submitted together, at the same time, with the application.
1. Completed and signed loan application.
2. Deal financial evaluation.
3. Fully executed purchase contract and seller’s property disclosure.
4. Scope of Work form. (contractor estimates will be due 8 days before settlement)
5. Inspection documents required if the following is present: well, septic, flat roof.
6. A narrated video tour of the property accurately representing the entire subject property, to include
views of adjacent surrounding properties. Commentary should be professional, descriptive and objective.
Video should particularly include the areas where repairs or renovations are needed, as well as where
favorable or unfavorable features or conditions exist. Please upload your video to YouTube and provide us
with the link.
Once submitted, you are at the 13 BUSINESS DAYS FROM SETTLEMENT mark.
LPF will contact you within 3 business days with a Loan Commitment decision. In the meantime, you should begin
preparing for settlement by working through this checklist.
Loan Commitment Decision Within 3 business days of receiving the complete application package as outlined above.
1. Upon completion of our due diligence, we will contact the borrower with our loan commitment
decision. A Loan Commitment Offer will be sent to the borrower outlining the anticipated terms of the
loan, and the outstanding requirements for the borrower. To accept a Loan Commitment offer, a $500
prepayment of points is required. The prepayment of points will be retained and considered
compensation for loan processing which was conducted on your behalf. Once the prepayment is
received, we can present your loan for Final Approval. If Local Pro Funding LLC is not able to secure Final
Approval for your loan, the prepayment will be immediately returned. There is a risk that your loan will
not get Final Approval (funded) and you may lose your deal. CLICK HERE TO PAY THE $500
PREPAYMENT OF POINTS.
After the $500 is submitted, you are at the 10 BUSINESS DAYS FROM SETTLEMENT mark.
PAGE 2
Offered through
Local Pro Funding LLC, PO Box 277, Middletown DE 19709 | Phone 302-428-9018
Required Documents
1. Entity docs (LLC- certificate of formation and operating agreement / INC- certificate of incorporation
and bylaws and corporate resolution).
2. Any additional inspection reports requested by lender.
3. All contractor estimates.
4. Draw schedule for progress payments to the borrower intended to pay for specific groupings of
completed work. Four draws are typical.
SAMPLE Draw Schedule for 100 Successful Road
Draw 1- Date draw is expected
1. Work item to be completed
2. Work item to be completed
3. Work item to be completed…
Draw Amount- Total cost and value added to property $XX,000
Draw 2- Date draw is expected
1. Work item to be completed
2. Work item to be completed
3. Work item to be completed…
Draw Amount- Total cost and value added to property $XX,000
Draw 3...
Draw 4…
Once submitted, you are at the 8 BUSINESS DAYS FROM SETTLEMENT mark.
Clear Title and Final Approval
1. Provide confirmation to LPF from your settlement attorney that title is clear and confirm the
settlement date.
2. Borrower will receive an email with Final Approval and loan details for final review.
Once completed, you are at the 7 BUSINESS DAYS FROM SETTLEMENT mark.
3. Borrower should confirm Final Approval details within 1 business day.
Once completed, you are at the 6 BUSINESS DAYS FROM SETTLEMENT mark.
PAGE 3
Offered through
Local Pro Funding LLC, PO Box 277, Middletown DE 19709 | Phone 302-428-9018
Preparing for Settlement
1. Borrower’s Insurance binder for the following coverages:
Builders Risk appropriately written to cover the project as either rehab or reconstruction if
any structural work
Liability coverage to 1MM
List the lender as loss payee/mortgage
Provide property damage coverage equal to the greater of the loan amount or the full
replacement value of the property with improvements and materials.
Provide coverage as a vacant property for the entire period of vacancy.
2. Contractor’s Business license and proof of insurance for all contractors working at the property.
Liability to 1MM (including completed operations)
Borrower listed as additional insured.
Workers Compensation (if required). If using a General Contractor, Workers Compensation
coverage held by the GC can cover the subcontractors working for that GC.
3. Contact your attorney or settlement agent for information regarding the following fees:
$ ________ Title insurance Borrowers and Lenders
$ ________ Property and liability insurance
$ ________ Utilities
$ ________ Transfer taxes
$ ________ Annual taxes
$ ________ Attorney settlement
$ ________ Inspections
$ ________ Survey
$ ________ Recording fee
$ ________ Other fees
4. Confirm with LPF that the borrower’s cash needed for settlement is available.
Once submitted, you are at the 2 BUSINESS DAYS FROM SETTLEMENT mark.
Settlement
Lender’s attorney: will take care of preparing the Note, Mortgage, Personal Guaranty, and Deed in Lieu of
Foreclosure. Lender’s attorney will also review all settlement docs and authorize the release of funds at
settlement.
Borrower’s attorney: will prepare the Deed and HUD-1 Settlement Statement, provide you with estimated
costs for Borrowers and Lenders Title Insurance, and information about a survey, inspections, taxes and
utilities.
Download
Save PDF to desktop
Email
Email completed PDF
Send for Signing
Email for others to sign
Print
Print document
Choose a Field
Click on a field and
select the person that should complete it
Want to add a signature?
You can add a signature field
and assign it to someone else
to sign
Choose a Field
Click on a field and
select the person that should complete it

LPF Borrowers Loan Processing Checklist FILLABLE V7mar19 (Delaware Real Estate Investors Association)

This document is locked as it has been sent for signing.

You have successfully completed this document.

Other parties need to complete fields in the document. You will recieve an email notification when the document has been completed by all parties.

This document has been signed by all parties.

Completed 15 July 2020

Message

View Audit Log
Print With Audit Log
Duplicate Document