KISS Residential Loan Package Checklist

KISS RESIDENTIAL LOAN PACKAGE CHECKLIST

 KISS Capital has the ability to fund transactions quickly; however, the ability to fund transactions quickly is dependent upon the organization of the borrower/property information.  In order to speed up the process of funding your loan transaction, please submit all of the following information with your completed application.  For certain transactions additional information may be requested.

□    Executive Summary

□     Residential Loan Application

·       Schedule of Real Estate Owned

·       Zero Tolerance/ Fraud Policy

·       Authorization to Pull Credit

    Business Entity Documentation

·       Articles of Incorporation/Organization

·       Bylaws or Operating Agreement

·       Federal EIN Verification

□    Valid Photo ID

□    Social Security Number  

□    Bank Statements – Last 3 months/ All accounts – All Pages

□    Retirement Accounts

□    Property Valuation:

□    3rd Party Appraisal  (Lender will order this)

□    DNA Report - $25

·       Here is the link: https://thesolution.isrefer.com/go/CDNA5_PME/terrymckee/

□    Current lease agreement(s) -  if applicable

□    Complete and executed Purchase and Sale Agreement, if applicable

                       -Copy of Earnest Deposit

□    Scope of Work with Draw Schedule

□    Contractor Bids

                        -Need copy of Contractor License and Insurance

□    Preliminary Title Report

                       -Need Contact information

□    Hazard Insurance Binder

·       Covering the property and loan

·       Need Contact Information

□    Broker Agreement

KISS Residential Loan Package Checklist PDF Version

You can also download the PDF version here.

Some Tips:

  • Executive Summary: Please, please tell the whole story. You have been to the house, done the work to determine value, and know the project's worth. But your work is not done. You now must accurately convey all that work into words and proof documents. Far too many loans are turned down because the Borrower does not accurately do this. Don't be this guy!
  • Schedule of Real Estate: Don't worry if you don't have any homes you own right now! Everyone starts with one.
  • Business Entity Documents: We can start the loan process without these, and you can even get the entity while we do our due diligence. You will just need to submit these shortly before the process can be completed. But don't delay, get these in so it does not hold up your loan.
  • Bank Statements: They MUST have your full account number on them! Sometimes the online statements do not. But you can go to your bank and they can give you a printout of activity, stamp with their stamp, and you will be good to go.
  • Property Valuation: DO NOT ORDER THE APPRAISAL ON YOUR OWN. The lender will do this. You can't do it or it will not be valid.
  • DNA Report: $25 bucks can save you hundreds! Plus it will support your application.
  • Current Lease Agreements: Required. Be sure a relative is not occupying the property. In some cases this counts as owner occupied and can cause your loan to not be approved.
  • Complete and Executed Purchase and Sale Agreement: Don't try to submit a loan without a contract! Also include a copy of the earnest money check.
  • Scope of Work with Draw Schedule: This is likely to have some changes made by the lender, but don't worry! It is for your protection.
  • Contractor Bids: Constractor must be licensed and have insurance.
  • Preliminary Title Report: Your closing company will provide this for you.
  • Hazard Insurance Binder: Definitely required!
  • Broker Agreement: If you already have a broker, great. Just send along that agreement and we will take care of you both.

Thank you for using the KISS Residential Loan Package Checklist! It will help get you the funding you need faster!

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