PrivitREI Loan Document Checklist
Everything You Need for a Smooth Loan Process
At PrivitREI, we’re committed to making your loan experience as seamless as possible. Our comprehensive Loan Document Checklist helps ensure you have everything prepared for a quick and efficient funding process. Review the checklist below to see the key documents required for each phase of your loan, from application to closing.
Initial Documentation Requirements
Essential Documents to Start Your Application
The initial documentation phase gathers information essential for evaluating your loan eligibility. To get started, please provide the following:
- Borrower Identification: Driver's license or state-issued ID
- LLC Details: Articles of Organization, EIN, and Operating Agreement
- Financial Statements: Two months of recent bank statements
These documents help us verify your identity, financial standing, and property details, laying the groundwork for a successful application.
Property Evaluation Documents
Confirming Your Property’s Value and Condition
During the property evaluation phase, we require specific documents to assess the property’s value and ensure it meets the criteria for funding:
- Purchase Agreement: To verify purchase terms
- Scope of Work and Repair Budget: Detailed estimates for planned improvements
- Comparable Market Analysis (Comps): Property value insights for after-repair evaluation
- Inspection Report: If applicable, to validate the property’s current condition
These documents allow our underwriters to make informed decisions regarding loan structure and approval.
Pre-Closing and Title Documents
Preparing for a Smooth Closing Process
As you approach the final stages, a few key documents are necessary to finalize loan terms and prepare for disbursement:
- Title Insurance Commitment: Ensuring the lender is protected as an additional insured
- Title Company Details: Name and contact information for closing coordination
- Proof of Insurance: Insurance premium confirmation, listing PrivitREI as an additional insured
Submitting these documents ensures that all protections are in place before closing.
Draw Request Documentation
Easy Access to Funds During Your Project
Once the loan is active, you can request funds for property improvements through our draw process. For each draw request, please provide:
- Receipts for Completed Work: To confirm expenditures
- Photo or Video Evidence: Visual proof of project progress
- Draw Request Form: Completed form to facilitate the draw process
This documentation enables a quick release of funds, ensuring you stay on schedule with your project.
Closing and Loan Discharge
Final Steps to Complete Your Loan
As your loan reaches maturity, the closing process includes repayment and final documentation. To finalize the loan, we’ll provide:
- Mortgage Payoff Statement: Sent to your settlement company to close out the loan
- Discharge of Mortgage: Recorded once the loan is repaid in full
This final documentation marks the completion of your loan, giving you a clear and simple path to wrap up your funding with PrivitREI.
Let PrivitREI Be Your Partner in Real Estate Success
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Explore the possibilities of hard money lending with the support of PrivitREI. Contact us today to learn more or get started with a consultation.
PrïvitREI is a Private Money Lender Serving the Capital Needs of Real Estate Investors and Business Owners in Oklahoma.
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