Noor Hasan
5 Documents Every Investor Should Have Ready Before You Apply
The deals that close fastest are almost always the ones where the borrower had their paperwork ready before underwriting even started. Here's what to gather first.
Underwriting moves as fast as your file lets it. Gathering these five items before you submit an application shaves days off most closings.
- Entity documents — operating agreement, articles of organization, and EIN letter for the borrowing entity
- A schedule of real estate owned, including current debt and rental income on each property
- Two most recent bank statements for the borrowing entity and any guarantors
- A purchase contract or payoff statement, depending on whether it's an acquisition or a refinance
- For renovation deals, a scope of work with contractor bids or cost estimates
None of this needs to be perfect on day one — but the more complete your file is up front, the fewer conditions stand between you and a clear-to-close.