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DUE DILLIGENCE LIST

Tower Fund Capital Due Diligence List

Borrower/Entity Required Documents

Document

Instructions

Link

Corporate Filing Receipt

Must be an original from Department of State

Certificate of Incorporations

Required if filed as a corporation

Article of Organization

Required if filed as an LLC

By-Laws

Required if filed as a corporation

Operating Agreement

Required if filed as an LLC

Corporate Resolution

Required if filed as a corporation

Member Consent

Required if filed as an LLC

Certificate of Good Standing

Required if entity is in existence > 30 days at time of closing

EIN # Certificate

IRS Letter with EIN # must be submitted

W9 Form

Must be filled out in the name of entity and signed

View

ACH Form

Must be filled out and signed

View

Copy of Voided Check

Check must be same as the account that is listed on ACH form

Guarantor/Individual Required Documents

Document

Instructions

Link

Loan Application

1003 Application

View

Credit Card Form

Authorization for Appraisal Fee

View

Borrower ID

Driver's License and/or Passport

Social Security Card

Copy of the Card or Loss Affidavit

N/A

Credit Report

Must be provided via Lender Link

Personal Financial Statement

All Sections must be filled out and Section ā€œGā€ in its entirety

View

Borrower Experience Form

Must list all real estate owned in prior years

View

REO Schedule

Must list all real estate presently own

Non Primary Use Letter

Must be handwritten as per sample at provided link

Investment Use Letter

Must be handwritten as per sample at provided link

Title Required Searches and Documents

Searches

Pro Forma Endorsements

Title Bill

Following

NY Standard

Mortgage and Security Agreement

Following

1-4 Family

Assignment of Leases and
Rents (w/255 affidavit)

Following

Waiver of Arbitration

Assignment of Leases and
Rents (w/255 affidavit)

Bankruptcy

Policy Authentication

UCC (county against individual)

Lien

Environmental Lien Protection

Assignment of Mortgage

Judgement

Environmental Lien Protection

Assignment of Mortgage

UCC

Mortgage Recording Tax

Collateral Assignment of Mortgage

Patriot Act

Mortgage Recording Tax

Collateral Assignment of Mortgage

Following must be performed in County and State of Entity Formation and for each Guarantor in County and State of their Primary Residence

Title Required Searches and Documents

Document

Instructions

Link

Contract of Sale

Must be submitted only on purchases

Appraisal

Must be an AMC Company for SFR and for Mixed-Use and Multifamily Bowery, CBRE or Cushman and Wakefield

Leases

Must be current and signed by all tenants

Income and Expense

Must be completed in its entirety. For vacant properties, an expense part must be filled out

N/A

Renovation Budget

Must be submitted on loans only with renovation holdback

Payoff Letter

Must be submitted by all existing lien holders with current pay off date

Property Insurance

Must be for the full amount of the loan amount with a 100% Replacement Cost, and naming Lender as Mortgagee and Loss Payee, see sample at the link

Insurance Paid Invoice

Must be Paid in Full for 1 year from date of closing

Flood Hazard Determination

Must be submitted only for properties in Flood Zone

Note:
For your convenience and to expedite transactions please feel free to use our preferred vendors below
When contacting, please advise that you are placing an order for Tower Fund Capital and they are aware of all necessary items that we require
Property Insurance - If you need assistance to order Insurance you may use our provider for a smother transaction.

Preferred Insurance Company is Premier Insurance Group 718-408-8788 Simon Friedman simon@premierin.com
Title - If you are not sure about ordering Title, you may order Title through our closing attorney
Preferred Title Company is Riverside Abstract 718-215-5133 Tziporah Montrose tmontrose@rsabstract.com

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