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Information required for Issuance of Term Sheet and Letter of Intent

Timetable for Closing

Documents Required for Closing

  1.   1. Current signed Financial Statements (less than 6 months old)
  2.   2. Use-of-Proceeds letter, signed by the borrower
  3.   3. Current, signed Rent Rolls if the property is rented
  4.   4. Credit authorization signed by the borrower
  5.   5. Upon request, prior 2 years tax returns - signed - for all entities and guarantors
  6.   6. Upon request, Bank Statements
  7.   7. Appraisal - assigned to Wallace Capital.
  8.   8. 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.
  9.   9. Insurance Information
  10. 10. 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.