PACKAGING GUIDELINES
When submitting a loan proposal, please include:
- Residential loan application (1003) or equivalent (MUST BE SIGNED BY BORROWER)
- Signed and completed Fairfield Disclosure Forms
- Credit report (tri-merge) (if loan is submitted by broker; if borrower submits directly, Fairfield will
- Trio of subject property
- Comps, an appraisal, or some other objective measure of value
- Photo(s) (if not included in an appraisal)
- Cover sheet describing/summarizing parameters of loan
- Preliminary Title Report(s) for all properties
If borrowing entity is corporation
- Company financials (income statement and balance sheet)
If purchase
If credit history is rough
- Explanation of circumstances
- Supporting documentation to show status of resolved items
- Payment history on present property loan(s) (if loan is a refinance)
If present loan is in default
- Payment history on present loan
- Payoff on present loan
- Explanation of circumstances
If raw land
- Supporting documentation (government correspondence/code) to address development plan and demonstrate likelihood of completing development according to plan
If lot(s)
- Copy of zoning documentation and explanation of possible land uses
- Description and status of utilities and access to the lots
- May want signed affidavit from Borrower regarding completion status of lot(s)
If floating home
- Copy of registration
- Float survey
- Copy of lease (if slip is leased) or owners certificate (if slip is owned)
If leased land
If 2nd or subordinate position loan
- Copies of notes and Deeds of Trust for all superior loans
- Payment histories and statements for all superior loans
- Payoff statements for all superior liens
If construction/rehab loan
- Summary of project
- Builder credentials
- Copy of contractor's License, bond and insurance
- Detailed budget
- Plans (if floorplan is new or changing)
If Income Property
- Copies of all leases and rental agreements pertaining to the property.
