Please fill out and sign attached application & Personal Financial Statement  

Credit authorization

Copy of ID (Driver License preferable)  

• For non-US citizen, please provide green card.  

• Social Security card.   

• Foreign national please provide travel visa.   

If this is purchase, please provide purchase contract. Refin, provide most recent mortgage statement.  

Experience list on the house address that you have purchase and sell.  

• Please fill out the attached spreadsheet  

• Provide the associate HUB / Operation agreement  

A line item of the renovation budget. Per attached budget  

• Provide a draw schedule  

If this is a ground up construction or has expansion, please submit the drawing.   

If this is a refin, please provide pay off letter.     

Most recent 3-month bank statement, we need to see down payment and 6-month worth of PITI (Payment, interest, tax and insurance).  

We will order appraisal with a third party. You either pay the third party directly, or Essencap can collect the payment.   

• A USPAP and FIRREA compliant appraisal will be required for all parcels.  

• Appraisal to include the renovation budget.   

• Interior Appraisal with a minimum of three (3) as-is and three (3) as-repaired comparable.   

• With rental comp after finish.   

• Must have borrower entity name on the report. Not personal name.   

If the property is under entity, please provide state registration, certificate of good standing, corporation document, IRS Letter of EIN     

Please order title, or Essencap can order. 

          a.    Mortgagee clause Essencap Funding LLC ISAOA/ATIMA. 1 Barstow Rd Suite P6, Great Neck, NY 11021
          b.    Make sure the effective date is within 30 days of closing. 
          c.    Make sure the title has signature. 
          d.    Request Agent Closing Letter with AAL number (agent reference number)
          e.    CC&R search
          f.    Bkcy, Patriot Act/ UCC search (State/Cunty) against the shareholders/members of the entities.
          g.    Loan Detail
          i.    Loan #
          ii.    Loan amount $
          iii.    Purchaser is in entity name:
          h.    24 month Chain of Title, Judgement/ Lien Search on entity and guarantors and OFAC Search
          i.    Endorsements: Alta 8, 9, 14 (if there is holdback), 17, survey endorsement, mechanic’s lien coverage, gap coverage
          j.    The lender will not accept an ALTA Short Form policy
          k.    For HOA related, please provide HOA Bylaws and Master Insurance Policy
          l.    Please provide title company signer information, not closer. We will provide closing instruction, need to know name, email, and phone # for the person, who handle the deed record…
          m.    Please provide prelim title bill, please take in account the initial deposit. 
          n.    Required Search: OFAC, Bankruptcy, Judgements/Liens, Flood
          o.    Tax Certificate 
          p.    Municipal search

13.    Insurance
          a.    Please provide evidence of insurance, which should include annual premium, ISAOA clause, six months of rental loss, and coverage equal to the loan amount or 100% replacement cost, liability insurance of $500,000
          i.    For bridge loan skip the six-month rental loss requirement. 
          ii.    If the dwelling can not cover loan amount, please offer replacement cost calculation. 
          b.    Insurance must be billed on an annual basis and paid in full at close. 
          c.    Please make sure the binder has the policy number
          d.    Please add Essencap Funding LLC ISAOA/ATIMA, 1 Barstow Rd Suite P6, Great Neck, NY 11021, 888-269-1033 wecare@essecancp.com for the mortgagee clause. 
          e.    Loan number #
          f.    Loan amount $