Dear Sir or Madam,
Thank you for applying to Barclay Associates for your financing
needs. In order to proceed, we will need the answers to the following
preliminary questions which are included on this page. We are sorry, but
we cannot answer any questions about any proposed loan, loan terms or loan
program until you return the preliminary application. .The questions in the
application shown below will only take a short time to complete but are very
important to begin the loan process.
We want to do business with you, but if you are a principal
who is purchasing real estate or a business ...... please DO NOT send in a
completed application unless you have either A WRITTEN ACCEPTANCE OF YOUR OFFER
FROM THE SELLER or a strong verbal agreement from the seller. In this case,
the seller must be close to signing an acceptance of your offer. We cannot begin
to process a loan application that does not meet these conditions.YOUR CONTACT INFORMATION:
Also, on every APARTMENT BUILDING loan a MINIMUM DOWN PAYMENT
of at least 10% of the loan amount is required by lenders.
*********** FILLING OUT THE APPLICATION *********
We will have to reject any application that is:
1. Not printed legibly. Remember the application will be read by several
individuals during the loan approval process.
2. Not filled in completely. All required items MUST BE completed. Give as much
detail as you feel you will need to make your loan request more appealing to a
lender. PLEASE CONTACT US BY E-MAIL AT ANY TIME if you have questions about
filling in the loan application. Give us your phone number in the e-mail message.
We will either call you or reply by e-mail.
3. Answer all questions TRUTHFULLY with accurate data and financial figures. If
you do not have accurate data in hand then hold the application until you have
the correct data.
If your information is complete and legible we can issue a letter of intent or
term sheet in a short period of time.
== IMPORTANT== Before filling out the application, please check out our current
MINIMUM LOAN AMOUNT shown at the bottom of every web page on our website.
PLEASE REPLY AS SOON AS POSSIBLE.
For APARTMENT BUILDING LOANS ONLY
5 UNITS OR MORE
PLEASE PRINT OUT THIS PAGE, COMPLETE THE SIMPLE PRELIMINARY LOAN
APPLICATION BELOW AND FAX OR MAIL IT TO US AS SOON AS POSSIBLE
If more than one property is involved, please copy this form and submit one
completed form for each
IT IS EXTREMELY IMPORTANT TO ANSWER ALL QUESTIONS, FILL IN THIS APPLICATION
COMPLETELY AND TO SUBMIT YOUR CREDIT SCORES.
IMPORTANT - If you are a broker, do not answer the questions below, but please
proceed immediately to our
website broker pages at
Broker Information Pages for more
information about our broker referral
fee program. If the conditions are agreeable to you, please e-mail us and ask
for a Broker Referral Form.
If you are a principal (borrower) and are not a broker, please answer ALL of the questions below
VERY IMPORTANT -- IF THIS IS A PURCHASE, Please DO NOT submit this application until
you have a written acceptance from
Phone #: Cell#:
Your E-mail (VERY Important):
= Loan amount requested: $
= Type of Property: Apartment Building
= Description of apartment building - age, condition, garden, multi-level, construction material, number of units etc.
= Occupancy: % As of (Date):
= Is this a PURCHASE or a REFINANCE?
IF A PURCHASE (IGNORE IF A REFINANCE)
= What is the purchase price of the property(s)? $
= Have you made an offer for the property? (Y/N)
= If you have made an offer, has the offer been accepted?
= If the property is under contract, when does the contract expire?
= Is the seller willing to hold a 2nd lien position on the property? (Y/N)
= If so, what percentage of loan amount?: %
= How much of your own cash do you, the borrower, have to invest (Down payment + transaction costs) $
= If borrower wishes to take Cash-Out, explain what for?:
= What are the balances of any mortgages?
= What is the current interest rate you are paying on existing debt? %
IF A REFINANCE: (Ignore if a purchase)
= What are the balances of any mortgages?
How do you intend to use the loan proceeds?
What is the current interest rate you are paying on existing debt? %
= Date property was purchased: Price paid $
= Your cash in (down
payment) $ Original mortgage $
INCOME AND EXPENSE:
= So far this year Gross Income $ Expenses $ Net Profit (N.O.I.) $
= Last full year Gross Income $ Expenses $ Net Profit (N.O.I.) $
= Year before last full year Gross Income $ Expenses $ Net Profit (N.O.I.) $
IIMPORTANT - when totaling expenses to arrive at N.O.I. please allow 5% of gross
income for maintenance, 5% of gross income for management
and 5% of gross income as a vacancy factor if building has greater than 95%
occupancy. DO NOT include interest payments as an expense when
calculating N.O.I. Please remember include all expenses (insurance, taxes, waste
collection etc.) so that you will arrive at an accurate Net Operating
= Do you have an appraisal? If you do, what is the year appraised and the
= If there is not an appraisal, what is your best estimate of the current value of
the property as is? $
How many years experience do you have with income properties or land
= Describe the rate and terms that you are looking for in your loan request.
= Further describe your experience with income properties, or your general
If you have a RECENT FICO credit score, what is it? If you do not know your
recent score, see below.
HOW TO PULL YOUR OWN
CREDIT REPORT AND SCORE We cannot proceed without your credit score. For a moderate
sum it is very simple to pull your own credit online at
your own credit does NOT penalize or reduce your overall
score. If you decide to draw your credit online, please send us only the THREE
SHEETS that show your CREDIT SCORE DO NOT SEND THE
ENTIRE REPORT. Each of the three credit reporting agencies Experian, Equifax and
Trans Union will send you a score sheet. If you have not
drawn or seen your credit report and scores for some time it is a good idea to
get the report(s) since they may contain errors which you can correct
and thus raise your score(s).
= Are you employed? ("Employed" does not include self-employed). This fact is
to determine qualification for a conventional or "stated" loan) (Y/N):
DESCRIBE OTHER DETAILS WHICH YOU FEEL WILL BE IMPORTANT IN EVALUATING YOUR
LOAN REQUEST (Use an extra sheet if needed)