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COMMERCIAL LOAN APPLICATION
Local Pro Funding LLC (LPF)
This application and the proceeds from any subsequent loans are for commercial
business purposes only and may not be used for owner-occupant, personal, family, or
household purposes.
Primary Applicant’s Contact Information Subject Investment Property Address
Name
Cell Phone
Email
Section I - Primary Applicant’s Information
1.
Personal Information
Full Legal Name
Any other name Applicant is known by
Date of Birth
Social Security Number
Home Phone
2.
Personal Residence
Current Residence is owned /rental
Years at this residence
Street Address
City, State, Zip
If less than 5 years at current residence, please provide previous residence
Previous residence was owned /rental Years at this residence
Street Address
City, State, Zip
If current residence is a rental, please provide landlord information:
Name
Street Address
City, State, Zip
Phone
Email
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3.
Nearest Relative
Name
Street Address
City, State, Zip
Cell Phone Home Phone
Work Phone Email
4.
Vehicle Information
Drivers License #
State:
Vehicle Make Model Year
License Plate Number State
Vehicle Make Model Year
License Plate Number State
5.
Professional References (2)
Name
Occupation
Years Known
Street Address
City, State, Zip
Phone
Email
Name
Occupation
Years Known
Street Address
City, State, Zip
Phone
Email
6.
Employment / Income
Full-Time
Part-Time
Unemployed
Retired
Student
Occupation
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Employer Name Years employed
Street Address
City, State, Zip
Position
Work Phone
Department
Income $ per Month
Weekly
Bi-weekly
If less than 5 years with current employer, please provide previous employer information
Full-Time
Part-Time
Unemployed
Retired
Student
Occupation
Employer Name Years employed
Street Address
City, State, Zip
Position
Work Phone
Department
Income $ per Month
Weekly
Bi-weekly
Other income $ per Month
Weekly
Bi-weekly
Source
Other income $ per Month
Weekly
Bi-weekly
Source
7.
Assets
Cash $
Savings $
Checking $
401k $
Other $
Other $
8.
Expenses (averaged to monthly)
Mortgage(s) $
Rent(s) $
HOA fees $
Property taxes $
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Homeowners insurance $
Other insurances $
Auto loans $
Auto expenses (gas, maint, etc) $
Credit cards $
Other loan $
Other loan $
Other loan $
Alimony/child support $
Child/dependent care $
Utilities (all services, elec, gas, water, tv, phone, etc) $
Medical $
Groceries, household $
Other expenses $
Other expenses $
Other expenses $
TOTAL Monthly Expenses $
9.
Owned Rental Property Information
Address
Current Value $
Monthly Rent $
Mortgage Balance $
Percent of Ownership %
Address
Current Value $
Monthly Rent $
Mortgage Balance $
Percent of Ownership %
Address
Current Value $
Monthly Rent $
Mortgage Balance $
Percent of Ownership %
NOTE: If you own more than 3 rental properties, please total all and add as one property using
“Portfolio” as the address. If you have various ownership percentages within the portfolio, please
add that detail in the ‘Notes’ section on page 10.
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10. How would you rate your credit? Poor
Fair
Good
Excellent
11. Are you currently late on ANY of your personal or business debt payment obligations?
Yes
No
12. Are ANY of your personal or business financial obligations at risk of going delinquent?
Yes
No
13. Do you have ANY personal or business judgments or liens? Yes No
14. Are you now, or will you be within the next 12 months, involved in ANY personal or
business deals that will require an investment of funds? Yes No
15. Have you filed for bankruptcy within the last 10 years? Yes No
16. Do you have any Federal Tax Liens? Yes No
If you answered yes to any of questions 10-16, please provide details in the Notes section on
page 10.
Section II - Co-Applicant’s Information
1.
Personal Information
Full Legal Name
Any other name Applicant is known by
Date of Birth
Social Security Number
Home Phone
2.
Personal Residence
Current Residence is owned /rental
Years at this residence
Street Address
City, State, Zip
If less than 5 years at current residence, please provide previous residence
Previous residence was owned /rental Years at this residence
Street Address
City, State, Zip
If current residence is a rental, please provide landlord information:
Name
Street Address
City, State, Zip
Phone
Email
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3.
Nearest Relative
Name
Street Address
City, State, Zip
Cell Phone Home Phone
Work Phone Email
4.
Vehicle Information
Drivers License #
State:
Vehicle Make Model Year
License Plate Number State
Vehicle Make Model Year
License Plate Number State
5.
Professional References (2)
Name
Occupation
Years Known
Street Address
City, State, Zip
Phone
Email
Name
Occupation
Years Known
Street Address
City, State, Zip
Phone
Email
6.
Employment / Income
Full-Time
Part-Time
Unemployed
Retired
Student
Occupation
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Employer Name Years employed
Street Address
City, State, Zip
Position
Work Phone
Department
Income $ per Month
Weekly
Bi-weekly
If less than 5 years with current employer, please provide previous employer information
Full-Time
Part-Time
Unemployed
Retired
Student
Occupation
Employer Name Years employed
Street Address
City, State, Zip
Position
Work Phone
Department
Income $ per Month
Weekly
Bi-weekly
Other income $ per Month
Weekly
Bi-weekly
Source
Other income $ per Month
Weekly
Bi-weekly
Source
7.
Assets
Cash $
Savings $
Checking $
401k $
Other $
Other $
8.
Expenses (averaged to monthly)
Mortgage(s) $
Rent(s) $
HOA fees $
Property taxes $
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Homeowners insurance $
Other insurances $
Auto loans $
Auto expenses (gas, maint, etc) $
Credit cards $
Other loan $
Other loan $
Other loan $
Alimony/child support $
Child/dependent care $
Utilities (all services, elec, gas, water, tv, phone, etc) $
Medical $
Groceries, household $
Other expenses $
Other expenses $
Other expenses $
TOTAL Monthly Expenses $
9.
Owned Rental Property Information
Address
Current Value $
Monthly Rent $
Mortgage Balance $
Percent of Ownership %
Address
Current Value $
Monthly Rent $
Mortgage Balance $
Percent of Ownership %
Address
Current Value $
Monthly Rent $
Mortgage Balance $
Percent of Ownership %
NOTE: If you own more than 3 rental properties, please total all and add as one property using
“Portfolio” as the address. If you have various ownership percentages within the portfolio, please
add that detail in the ‘Notes’ section on page 10.
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10. How would you rate your credit? Poor
Fair
Good
Excellent
11. Are you currently late on ANY of your personal or business debt payment obligations?
Yes
No
12. Are ANY of your personal or business financial obligations at risk of going delinquent?
Yes
No
13. Do you have ANY personal or business judgments or liens? Yes No
14. Are you now, or will you be within the next 12 months, involved in ANY personal or
business deals that will require an investment of funds? Yes No
15. Have you filed for bankruptcy within the last 10 years? Yes No
16. Do you have any Federal Tax Liens? Yes No
NOTE: If you answered yes to any of questions 10-16, please provide details in the Notes section on page 10.
Section III - Subject Investment Property and Deal Information
The lender will rely on the information provided in this section when making a funding decision.
Investment Property Street Address
City, State, Zip
Neighborhood
Tax Parcel # for property
Name or entity of buyer: NOTE: Entity must be used if loan is under $100,000.
Buyer’s Street Address:
Buyer’s SSN/EIN
Loan Request Amount $
NOTE: Loan amount is 65% of lender approved ARV.
How much of your own money do you have to invest in this deal? $
What will the loan proceeds be used for? _________________________________________
_____________________________________________________________________
When is the settlement date? _______________ Requested loan term is ____ months.
Contract Price $___________ Is Contract executed/approved by all parties? Yes____ No____
How much do you expect the re-sale price will be, net of concessions, price reductions, settlement
help, etc.? After Repaired Value: Minimum $__________ Maximum $__________
Provide your best two comparable sales:
Address: ________________________________ Sale Amt $________ Sale Date________
Address: ________________________________ Sale Amt $________ Sale Date________
H
ARV was determined by: Broker_____ Agent_____ Appraiser
_____
Self_____ (check all that apply)
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Expected Repair Costs: Min $________ Max $________
Time needed to complete the proposed repairs for this property? Min________ Max________
Are you planning to repay this loan through a refinance or re-sale (flip)?
Re-finance_____ Re-sale (flip)______
If refinancing, do you have conditional approval for the re-financing? Yes_____ No_____
Has a title search been ordered?
NOTE: Clear title is due 6 business days prior to settlement.
Yes_____ No_____
How much was your deposit amount?
Who is your settlement attorney?
Contact name
Phone
Email
Summary of Your R.E.I. Experience
Notes / Summary of Proposed Deal
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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
into.
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
purposes.
III. __________ I understand that there is no prepayment penalty; however, a 3 month minimum interest
requirement applies.
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
provides.
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
____________________________________ ____________________________________
Signature Signature
____________________________________ ____________________________________
Print Name Print Name
__________________ __________________
Date Date
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