Page 190 - Trump University Commercial Real Estate 101

TRUMP UNIVERSITY COMMERCIAL REAL ESTATE 101

Here is a list of items that you should submit in your loan
package:

• Executive summary
• Appraisal
• Financial statement
• Credit report
• Sponsor fi nancial statement
• Property fi nancials
• Borrower resume
• Purchase and sale agreement
• Legal description of the property
• Photographs
• Map location
• Environmental information
• Property management documents

The executive summary should have all the critical dates of the
project spelled out, such as the effective date, due - diligence expiration
date, and the closing date. If you are doing a Section 1031 like - kind
exchange, add any dates that are critical for that to go smoothly.
If you have an old appraisal on the property, add it to your
package. Even though the lender will do its own fresh appraisal, it
will appreciate the information on your prior one, such as any com-
parable properties that the previous appraiser used at the time to
determine value.
If your own financial statement is weak, you may consider getting

a strong partner for the deal. This person is sometimes called a sponsor .
You then get to add your sponsor ’ s financial statement to the package.

Put in your resume. This is your opportunity to sell yourself. If
you ’ ve done any real estate deals in the past, talk about them here.
If you have not, then it ’ s appropriate to describe what training or other
relevant activities you ’ ve been involved in. Remember that everyone
started out at some point, so any lack of resume items is not only

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