Information required for Issuance of Term Sheet and Letter of Intent
- Photos of the property: Please include the inside, outside and the neighborhood.
- Rent rolls if property is currently rented
- Short Executive Summary that includes:
– Property Type
– Purchase Amount/Estimated value in refinancing
– Requested Loan Amount
– Time Frame – Exit Strategy: (Refinance, Sale, etc.)
– Equity: Please indicate where the balance of funds for this purchase will come from.
Timetable for Closing
- Step 1: Send Wallace Capital the information described above.
- Step 2: Within 48 hours, if your request is approved, we will send you a Letter of Intent and term sheet.
- Step 3: Return the Letter or Intent and the term sheet with a down payment toward the costs of due diligence.
- Step 4: Close the deal. From the time we receive the signed letter and due diligence funds, we can typically close within two weeks. By having the documents listed below prepared ahead of time, a quick closing can be guaranteed.
Documents Required for Closing
- Current signed Financial Statements (less than 6 months old)
- Use-of-Proceeds letter, signed by the borrower
- Current, signed Rent Rolls if the property is rented
- Credit authorization signed by the borrower
- Upon request, prior 2 years tax returns – signed – for all entities and guarantors
- Upon request, Bank Statements
- Appraisal – assigned to Wallace Capital.
- Upon request, opinion letter – Borrower’s attorney is to review documents and prepare an opinion letter to Wallace Capital which addresses the validity and enforceability of the documents and the authority of the entity and signers to complete the transaction.
- Insurance Information
- Payoff amounts — A document must be provided from each/all lien holders on the property who will be paid with this loan indicating the payoff amount.