Documentation Requirement
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Please fill out and sign the attached 1003 application
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Copy of Driver License and Passport
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For the non-US citizen, please provide a green card.
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Foreign nationals please provide a travel visa.
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Provide leases
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Provide 1 Month Rent Proof with Bank Statement, Cancel Check, or Payment App (no print screen)
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Please sign off on credit authorization (no credit will be run)
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Please disclose the borrower's credit condition such as credit score.
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For two of the past five years, do you own any other investment property?
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Is the subject property under management by a Property Management Company
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If self-manage, can you provide 24-month deposit prove with cancel check or bank statement, or Schedule E
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Please note, it does not impact our ability to lend. There is a Loan to Value adjustment.
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If this is a purchase, please provide a purchase contract
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If this is a refinancing, please provide the most recent bank statement
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Will need a payoff letter at the time of closing.
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If the property is part of the HOA association
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Confirm the number of units sold, % of ownership
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Require HOA by-law
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Please provide the most recent HOA statement
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After the information received, Essencap will provide a term sheet disclosing rate, term, and other loan conditions.