This initial document checklist is for our Underwriters to evaluate Client’s files and Packages and base their decisions on any and all Term Sheets and Letters of Interests and present it to the Clients for review and acknowledgement.

We will require a Kendall Phillips Loan Submission Form for each submission. Although we would prefer a fully submitted file, the Highlighted items are absolutely necessary for a Term Sheet.

Required for Each Guarantor or Borrower

Executive Summary (what is the borrower trying to accomplish)

Uniform Loan Application (Form 1003)

Tri-Merge Credit Report

Form 4506-T Signed

Resume for each Guarantor, Principal, Officer, and/or Manager

Detailed Schedule of Real Estate Owned (if > 3 properties owned by Guarantor)

Guarantor - Personal Tax Returns (3 years)

Personal Financial Statement Form signed**

Guarantor - Personal W-2's & 1099's for past 3 years**

Guarantor - Evidence of Liquidity (Personal Bank Statements, Stocks/Bonds, etc) at least 3 months

For Owner Occupied Properties Only

Certified Property Operating Statements (YTD or trailing 12)

Certified Property Operating Statements (2 years)

Year to Date Profit and Loss Statement

Year to Date Balance Sheet

For Investor Properties Only

Certified Rent Roll (completed and signed)

Subject Property Lease Agreement(s)

Certified Property Operating Statements (YTD or trailing 12)

Certified Property Operating Statements (2 years)

Property Tax Returns or Schedule E (3 years) -If a purchase, from Seller

Year to Date Profit and Loss Statement

Year to Date Balance Sheet

Other Property Related Documents

Copy of last Appraisal report (if available)

Copy of last Environmental report (if available)

Other Documents

Tenant financials for last 3 years (for Single tenant properties) **

Guarantor Credit Explanation Letter (if necessary)

Letter Describing Use of Loan Proceeds –IF CASH OUT IS REQUESTED

Exit Strategy Letter, primary and secondary options preferred (For Short the Financing)

Company or Entity Organization Documents and Bylaws

Fully Executed Purchase Contract (if a purchase)

Current Mortgage Payment Coupon (if a refinance)

Current Mortgage Payoff Statement (if a refinance)

Preliminary Title Report (If available)

Escrow Instructions (If applicable)

**This item is intended for Loans being submitted for Full Documentation Review only. “Stated Income” Loan Programs or “Hard Money” Loan Programs do not require this particular item.

We reserve the right to request additional information during the underwriting review process. Financial and credit information must be current at time of submission and no more than 30 days old at time of closing. A Closing Checklist will be issued in Closing Stage. If this is a rush request, please contact us for advance notice of the closing items.