Please read and initial each statement, then sign at the bottom.
I. __________ I understand that LPF is relying on the statements and information contained in this
application. The statements and information contained herein are true and correct to the best of my
knowledge. I understand that this application is made a part of a loan or Promissory Note if one is entered
II. __________ I understand this application is not a loan approval or promise to lend money. Loans are for
business or investment purposes only and may not be used for consumer, personal, family, or household
III. __________ I understand that there is no prepayment penalty; however, a 3 month minimum interest
IV. __________ I understand that ‘points’ are deducted and paid from the loan. Points for small loans (under
$100,000) will be based on a $100,000 loan amount. Any prepayment of points required for Loan
Commitment is refundable only if LPF is not able to fund a loan. Otherwise, it is non-refundable.
V. __________ I understand that the approved renovation budget is deducted from the loan and held in
escrow. Renovation funds are released to the borrower in draws according to the draw schedule the borrower
VI. __________ I understand that after points and renovation funds are deducted from the loan, the remainder
of the loan amount will be applied to the purchase and settlement. The borrower is responsible to provide the
balance of funds required to purchase, settle, and carry the property, as well as complete certain renovation
work before a reimbursement draw.
VII. __________ I understand that subordinate liens, second mortgages, and any other pledges against the
subject Investment Property are not permitted.
VIII. __________ I hereby grant LPF or its agents the right to process this application for the purpose of
obtaining a loan, to include LPF or its agents inquiring about my character and general reputation, and
request information from employers, landlords, banks, finance companies, tax returns, credit reporting
agencies, criminal reporting agencies, and/or similar sources.
IX. __________ My signature gives LPF and/or its agent(s) permission to contact and gather information from
any and all personal, employer and business references which are listed or otherwise obtained, and credit and
criminal reporting agencies, from this point forward for future collection of debts and damages to LPF
without regard to the length of time from the Date on this application.
Primary Applicant Signature Co-Applicant Signature
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