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Apartment Loan Application

Contact Information (Section I)

Contact Name

Enter your name.

Borrower Relationship

Contact Email

Provide a valid email address.

Contact Number

Enter your contact number.

Cell Phone

Fax Number

Property Information (Section II)

Property Name

Property Address:

Property City:

Property County:

Property State:

Property Zip:

1. What is the real estate tax bill for last year?

2. Assessors Parcel No. (Tax ID#)

3. Are there any abated taxes? Yes No

Are taxes fully assessed at this time? Yes No

4. If not, what is the expected full assessment?

5. What is the property insurance bill for last year?

6. What date does the insurance premium expire?

7. Are there any regulatory or deed restrictions concerning the property? Yes No

If yes, please explain:

8. What is the current physical occupancy?

Send us an old appraisal if you have one. If you don’t have an old appraisal provide the following information

9. When was the property built?

10. When was it last renovated?

Amount of renovations $:

11. How many units?

Please describe the breakdown of units with each unit type, how many of each type and square footage of each type:

12. What type of construction?

13. Number of parking spaces: covered?

uncovered?

garages?

14. What is the site size?

15. E-Mail us photos of the property (5 minimum to NoReplyEmail@iReadySites.com)

16. What percentage of the units are leased to:

students?

professionals?

section 8?

military?

retirees?

blue collar?

17. How many corporate units?

18. How many furnished units?

19. How many studio units?

If Section 8 or other subsidized rents: What are the requirements and obligations of the owner?

20. Is the property Mixed-use?
Yes No

If yes, How many commercial units?

If yes, what is the total rentable sq. ft. of commercial space?

If yes, describe the types of business in the commercial units.

21. Is this a Mobile Home Park?
Yes No

Are the park roads paved?
Yes No

How many of the actual mobile homes are owned by the park?

What is the construction of the pads?

22. What is the current estimated market value of the property?

Refinance - If applicable, if not skip (Section III)

1. What is the existing loan balance?

P & I payment?

Interest rate?

Call or due date?

Lender Name?

Can this loan be prepaid?
Yes No

Was it a trade or straight purchase?

2. When did you buy the property?

What was the purchase price?

What was the down payment?

Purchase - If applicable, if not skip (Section IV)

1. What is the purchase price?

Email a copy of purchase agreement.

2. What physical condition is the property in?

Describe any deferred maintenance?

Estimated Amount in Dollars:

3. What is the dollar amount of any anticipated repairs or improvements you are going to immediately make above your down payment?

4. What date does your earnest money go hard?

Is there a financing contingency beyond this date?
Yes No

If yes, by what date must you have a commitment? (the drop dead date!)

5. What is the closing date?

6. Is this an exchange or a straight purchase?

7. Why are you buying this property?

Borrower Information (Section V)

1. What is the name of the borrowing entity?

2. What is the entity structure?

3. Is the borrower a single asset entity?
Yes No

If no, can it become one?
Yes No

4. Tell us who owns what percentages of the borrowing entity

5. Who is the key principal (who signs the closing papers)?

6. What is the key principal's social security #?

7. What is the key principal's Date of Birth?

8. What percentage of the deal, either directly or indirectly does the key principal own?

9. Brief description of key principal's multi-family ownership or management experience - number of units, dates, etc.

10. Any past credit issues on borrower/key principal we need to be aware of?

Management Information (Section VI)

1. What is the name of the managemnt company?

2. What is the name of the area manager?

3. What is the name of the on-site manager?

Requested Loan Information (Section VII)

1. What is the current estimated market value?

2. How much is your loan request?

3. If this is a refi, what is the reason for your request?

4. What loan amount do you need?

5. Tell us what terms you would like:

Amortization:

Yrs. Rate: Fixed (%)

Fixed for how long?

Rate: Variable (%)

6. Concerning the terms of your loan, priortize the following in order of importance to you:

Maximum Loan Dollars/Loan to Value:

Interest Rate:

Low Closing Costs:

Lowest Overall Financing Cost:

No Personal Recourse/Guarantee:

Loan Term or No Balloon:

Future Supplemental Borrowing Provided (via 2nd or 3rd mortgage)

Assumable By Future Buyers:

Ability to Pre-Pay Loan

7. What features do you NOT want in your loan?

8. When do you want this loan closed?

For 90days or more what date?

No urgency

9. Is there a deadline you're under? Please explain:

Deadline Date:

10. How long do you plan to keep the property?

What is your exit plan?

11. How do you plan to retire this loan?

12. What is your most important priority or issue regarding this loan?

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