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Wednesday, August 13, 2008

Daily Observations - What's Needed Now

Continuing with our Oklahoma scenario, buyer found a new property. In order that they don't have to go through the same "story" again they have asked us to determine if this property is financeable.

Therefore for today's blog I am going to share with you the list of the requested information by the banker to determine if they have an interest in this project. So I am going to present you with the list so that you too can learn what are the components of a pre-approval determination.

1. the address of the property to do a demographic study on the project

2. a current rent role, with start lease dates and expected renewal dates

3. a breakdown of the property unit mix

4. a vacancy study to determine the history of the property as it relates to leasing it out

5. current operating statement

6. two years operating statements - again to determine the trend of the property

7. interim financial statement

8. pictures of the property.

Remember this list is only to determine the feasibility of the financing, not the approval of the loan. For that information stay tuned as we continue to follow the Oklahoma saga.

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