Most closing delays come from missing paperwork, not from the deal itself. Gather these documents up front and your file moves at the speed of the appraisal and title.
In short: For a DSCR loan, you typically need a photo ID, entity documents if buying in an LLC, recent bank statements for reserves, the purchase contract or payoff letter, leases or a rent estimate, and insurance. No W-2s or tax returns are required. Fix and flip loans add a rehab budget and scope of work, plus a record of past projects. Bridge loans add a clear exit plan.
These items show up on almost every file, whatever the product. Having them ready in one folder saves days.
Borrowing in an LLC is common and allowed on our programs. Title and underwriting will ask for proof that the entity exists and that you can sign for it.
Expect to provide articles of organization, the operating agreement, the EIN letter and a certificate of good standing. If the LLC has more than one member, each owner above a set percentage may need to provide ID and credit.
DSCR loans qualify on the property’s rent, so the file focuses on the property and your reserves. You do not provide W-2s, pay stubs or tax returns.
| Document | Purpose |
|---|---|
| Signed leases or rent schedule | Supports the rent used in the DSCR |
| Rent roll (2+ units) | Shows each unit’s rent and lease term |
| Property tax bill | Confirms the tax part of the payment |
| HOA statement and condo questionnaire | Needed for condos and some townhomes |
| Bank statements | Shows down payment and reserves |
Fix and flip loans add project documents. The rehab budget and scope of work drive both the loan size and the draw schedule.
Lenders also review your experience. A list of past projects with addresses, dates, purchase and sale prices helps your file. Settlement statements from those deals are often requested.
This example is illustrative. An investor buys a house for $300,000 and plans $80,000 of work. The budget is broken out by line item, which is what underwriting wants to see.
With up to 90% of purchase and 100% of rehab, the maximum loan in this example is $350,000. The investor brings about $30,000 plus closing costs.
| Rehab line item | Budget |
|---|---|
| Kitchen | $25,000 |
| Two bathrooms | $18,000 |
| Roof | $12,000 |
| Flooring | $9,000 |
| HVAC | $7,000 |
| Interior paint | $6,000 |
| Contingency | $3,000 |
| Total rehab | $80,000 |
Bridge loans need most of the general list, plus a written exit plan. Show how you will repay: a sale, a refinance into a DSCR loan or a construction takeout.
If the property has tenants, include the rent roll and leases. If you are using a no-appraisal bridge option, the valuation is handled by a desktop valuation or a broker price opinion (BPO) instead of a full appraisal.
Send full statements with every page, even blank ones. Label files clearly by document name. Explain large deposits before underwriting asks.
Once your folder is ready, our financing team can typically return 2–3 options quickly, because nothing is waiting on you.
Typically a photo ID, credit authorization, recent bank statements, the purchase contract or payoff, leases or a rent estimate, insurance and LLC documents if applicable. No W-2s, pay stubs or tax returns are needed. Condos may also need an HOA questionnaire.
Not for our DSCR, fix and flip or bridge programs. DSCR loans qualify on rent, and fix and flip loans do not require income verification. You still show assets for down payment and reserves.
The general checklist plus a line-item rehab budget, a scope of work and a record of past projects. Contractor bids help but are not always required. The budget sets your rehab funding and draw schedule.
Commonly the most recent two months, with every page. Some programs ask for more if reserves are being counted from several accounts. Large deposits usually need a short explanation.
Usually, yes. New LLCs are common on investor loans. You will need the formation documents, operating agreement, EIN and a good standing certificate.
The general checklist plus a written exit plan showing how you will repay, by sale or refinance. Tenant-occupied properties also need a rent roll and leases. Valuation may be an appraisal or, on some bridge programs, a desktop valuation or BPO.
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