Current rent roll or schedule of leases with property address showing on the page. Unit mix, number of units, and size of units.
Two years operating statements plus year to date property income and expenses.
Construction completion and remodeling dates.
FICO scores of applicants, explain credit problems, management experience with property type.
If purchase, what is price, down payment, amount of seller carry back with loan terms, and projected closing date. Advantageous purchase, why?
If a refinance, when was property purchased, price, property improvements since purchase and their cost. Use of refinance proceeds? Existing loan balance? If a 2nd loan is requested, loan terms of first mortgage. Estimated value of the property? Based on what?
Frequently Asked Questions
Q: What would loan terms be on this loan request? A: We cannot know until we see basic items such as a rent roll, historical property expenses, credit of applicants, etc.
Q: Do I need to be an approved broker to submit deals? A: No. Just contact us when you have a deal and we'll do an initial screening.
Q: Do you charge up front or advance fees? A: Usually not until initial loan underwriting fosters a loan terms quote acceptable to the applicant, subject to an appraisal, then an appraisal fee will be required.
Q: Do you lend nationwide? A: We prefer loan activity to be limited to the Pacific Coast and adjacent states.
Q: Will you do land loans, and if so, on what basis? A: Currently land loans are very difficult. We prefer land in central and northern California. Maximum loan is 50% of value. Residential land must be entitled.
Q: Will you do 2nd mortgages? A: Yes. First loan should not exceed 2 times 2nd loan amount and the 2nd loan no less than 20% of the 1st mortgage balance. Combined LTV should not exceed 65-70%.
Q: Can you do agricultural loans? A: Yes. Provide 2 years operating history of agricultural operation.
Q: Must borrower be a U.S. citizen? A: Not if borrower is a legal U.S. resident and private money is involved.
Q: Do you offer Yield Spread Premiums (YSP's)? A: Once in a great while there can be a small rebate, but not usually.
Q: Can you provide loans in small communities, say under 10,000 population? A: Often these are done with private money lenders.
Q: As a broker, can we be protected in the transaction? A: Yes. We will sign a Non-Circumvention Agreement if you like.
Pan Pacific Financial Corp 120 Kipling Ct., Suite 200 - Roseville CA 95747