PACKAGING GUIDELINES
When submitting a loan proposal, please include:
- Residential loan application (1003) or equivalent (MUST BE SIGNED BY BORROWER)
- Signed and completed Fairfield Disclosure Forms
- Current tri-merge credit report (if loan is submitted by broker; if borrower submits directly, Fairfield will pull report)
- Trio of subject property (or other type of detailed spec summary)
- A good comp set, appraisal, or some other objective and transparent case for value
- Photo(s) (if not included in an appraisal)
- Cover sheet describing/summarizing parameters of loan
- Preliminary Title Report(s) for all properties
- Payment history on all loans encumbering the subject property (or properties)
- Payoff quote on present loan(s)
If borrowing entity is corporation
- Company financials (income statement and balance sheet)
If purchase
- Valid executed earnest money agreement (contract to purchase)
If credit history is rough
- Explanation of circumstances
- Supporting documentation to show status of resolved items
If present loan is in default
- Explanation of circumstances
If raw land or builder ready lots
- Supporting documentation (government correspondence/code) to address development plan and demonstrate likelihood of completing development according to plan
- Copy of zoning documentation and explanation of possible land uses
- Description and status of utilities and access to the lots
- May want signed affidavit from Borrower regarding completion status of lot(s)
If floating home
- Copy of registration
- Recent float survey
- Copy of lease (if slip is leased) or owners certificate (if slip is owned)
If leased land
- Copy of lease on land (or usage permit)
If 2nd or subordinate position loan
- Copies of notes and Deeds of Trust for all superior loans
- Payment histories and statements for all superior loans
- Payoff statements for all superior liens
If construction/rehab loan
- Summary of project
- Builder credentials
- Copy of contractor's License, bond and insurance
- Detailed line item budget
- Supporting documentation to backup detailed line item bids/estimates
- Plans (if floorplan is new or changing)
- Copies of permits already obtained
If Income Property
- Copies of all leases and rental agreements pertaining to the property.
