Flash Raise Funding provides business purpose loans to individuals and registered entities secured by first lien mortgages on undivided interests in real estate. Carefully consider the information below and be prepared to provide the necessary documentation listed in support of your loan application.
All borrowers are expected to provide proof of identity, verifiable statement of assets, and executed copies of any transaction-related documents such as contracts, assignments, and accompanying addenda. See below for further requirements:
FOR INDIVIDUAL BORROWERS AND CO-BORROWERS
- Loan Application: All parties to the loan need to complete and sign the application below. Married individuals must provide the name of their spouse, even if spouse is not to be included in the loan.
- Proof of Identity: Copies of drivers’ licenses and/or government-issued photo ID’s, along with social security cards or acceptable form of SSN verification.
- Proof of Funds: Bank statement or evidence of cash availability for the amount indicated on the Term Sheet for cash-to-close or qualification.
- Authorization to Release Credit Information: Each individual must comply with credit authorization acknowledgements.
- Itemized Rehab Form: For loans involving rehab or construction money, a scope of work and itemized budget must be provided. Use this form, your own, or provide any applicable contractor bids or proposals.
- ACH: Monthly payments will be automatically drafted. An ACH authorization form will be completed at closing. At the time of application, please provide a copy of a voided check, or confirmation of account information to include routing and account numbers for the bank account of your choosing.
- Property Insurance: Evidence of insurance must be provided in advance of closing. Replacement coverage must be equal to or in excess of the loan amount. Coverage binders must be for 6- or 12-months and name Flash Raise Funding, LLC as additionally insured in the mortgagee clause.
FOR BORROWERS WHO ARE REGISTERED ENTITIES
- Loan Application: The primary signor(s) for the entity will need to complete and sign the application below.
- LLC Documentation: Provide copies of the filed Certificate of Formation, Company (or Operating) Agreement, and SS4/EIN.
- Corporation Documentation: Provide copies of the filed Articles of Incorporation, Bylaws, and SS4/EIN.
- Other Entity Documentation: Land trusts, partnerships, and custodial accounts like self-directed IRA’s and 401k’s have very specific requirements. Please contact your loan processor for more details.
- Proof of Identity: Copies of drivers’ licenses and/or government-issued photo ID’s, along with social security cards or acceptable form of SSN verification for primary signor(s) of the entity along with any individuals with ownership interest of 25% or more.
- Personal Guarantee & Unanimous Consent: Primary signor(s) of the entity along with any individuals with ownership interest of 25% or more, will comply with personal guarantee and unanimous consent requirements at closing.
- Proof of Funds: Bank statement or evidence of cash availability for the entity in the amount indicated on the Term Sheet for cash-to-close or qualification.
- Authorization to Release Credit Information: Primary signor(s) must comply with credit authorization acknowledgements.
- Itemized Rehab Form: For loans involving rehab or construction money, a scope of work and itemized budget must be provided. Use this form, your own, or provide any applicable contractor bids or proposals.
- ACH: Monthly payments will be automatically drafted. An ACH authorization form will be completed at closing. At the time of application, please provide a copy of a voided check, or confirmation of account information to include routing and account numbers for the bank account of your choosing.
- Property Insurance: Evidence of insurance must be provided in advance of closing. Replacement coverage must be equal to or in excess of the loan amount. Coverage binders must be for 6- or 12-months and name Flash Raise Funding, LLC as additionally insured in the mortgagee clause.