A basic summary explaining the transaction and reason for the loan request. If the request is for funding a property purchase provide a copy of the contract and if available a survey.
We will require a current appraisal and depending on the property securing the loan a phase one ESA.
For any corporate or partnership borrower, we will need year-end financial statements and tax returns for the last two years and the most recent interim financial.
Copies of all corporate or partnership documents
For any individual borrower or guarantor of any corporate or partnership loan we will need a current personal financial along with their last two years tax returns.
Loans available for acquisition, new construction, rehab of an existing structure for lease, development or improvement for owner occupancy/ resale, or a simple refinance. We will require a current phase one Environmental Site Assessment report. Loan amounts up to 70% of the lesser of the purchase price or appraised value. If the request includes rehab, up to 70% as completed (AMI Lenders will advance rehab funds based on invoiced and approved completed work). Terms are negotiable with one to five year maturities, amortization up to twenty years, and fixed and floating interest rate options. Debt service coverage is negotiable.