XitLoan's Handy Document Checklist for

Hard Money Loans

Hey there! So, you're ready to dive into the world of real estate financing, huh? Well, we're here to make the process as smooth as possible for you! Depending on the type of loan you're after, there are a few documents you'll want to gather up first.

Fix and Flip Loans

First up, if you're planning on fixing up and flipping houses, here's what you'll need:

The Basics - These are the documents you'll only need to provide once:

• A clear copy of your Driver's License
• Articles of Incorporation/Organization for your LLC (if you've got one)
• The original letter from the IRS that assigned your EIN (like a social security number for your business)
• Your LLC's Operating Agreement, signed by all the owners
• A voided check from the account you'll be using for automatic payments
• If your LLC has been around for more than a year, a "Letter of Good Standing" from the Secretary of State
• For seasoned borrowers: A list of your recent house flipping projects from the last 3 years
• Also for seasoned borrowers: Documents showing the details of the properties you bought and sold (known as a "HUD Settlement Statement")

Deal-Specific Papers - These are tailored to the specific property you're working on:

• A loan application form
• A detailed budget outlining your renovation plans
• A signed contract for purchasing the property, or the original purchase paperwork if you're refinancing
• Contact info for your insurance agent
• Contact info for the title company handling the closing

Rental Properties:

Now, if you're dealing with rental properties, such as short-term or long-term rentals, here's what you'll need:

The Essentials:

• A legible copy of your Driver's License
• Articles of Incorporation for your LLC
• The original IRS letter assigning your EIN
• A "Letter of Good Standing" from wherever your LLC was registered (if it's been around for more than a year)
• Your LLC's Operating Agreement, showing the ownership percentages
• A voided check from your business account
• Bank statements for the last two months (just to make sure you're financially ready)

Deal-Specific Docs:

• A completed loan application
• A purchase contract or the original purchase documents if you're refinancing
• If it's a rental property, a copy of the lease agreement
• If it's a short-term rental, an income statement
• Contact details for your insurance representative
• Contact details for the title company handling the closing
• Information about who to contact to allow the appraiser inside the property

New Construction Loans

Lastly, if you're venturing into new construction, here's what you'll need:

The Basics:

• Your Driver's License
• Articles of Incorporation for your LLC
• The original letter from the IRS assigning your EIN
• A "Letter of Good Standing" from wherever your LLC was registered (if it's been around for more than a year)
• Your LLC's Operating Agreement
• Only for experienced builders: A list of your recent projects from the last two years

Deal-Specific Papers:

• A completed loan application
• A detailed construction budget with all the specifics of your project
• Plans or drawings of your new construction
• Your general contractor's Driver's License and proof of Workers' Comp Insurance
• A list of your general contractor's recent projects
• Contact details for your insurance agent
• Contact details for the title company handling the closing
• Information about who to contact to allow the appraiser inside the property

With these documents in hand, you'll be well-prepared to embark on your real estate financing journey with XitLoan!