In addition to the requirements of the application package, the Lender Narrative must also provide a complete discussion on the commitment to the project, both financially and borrower’s in a business sense over the long-term as well as his/her experience. Credit History Report date: <<within 60 days of submission>> Reporting firm: Score: Key Questions Yes No Does the credit report identify any material derogatory information not previously discussed? . Does the underwriter have any concerns related to their review of the credit report? Is the credit report dated more than 60 days before the application date? <<If you answer to any of the above questions, identify the risk factor and how it is “yes” mitigated below. Provide an explanation of the credit score in terms of low, medium, or high risk, etc. Also, if the score is evaluated numberically, explain the value the credit agency places on the score.>> Financial Statements The application includes the following operator financial statements: Year to date: <<dates for start and end of period>> Fiscal year ending: <<date end of period>> – Fiscal year ending: <<date end of period>> – Fiscal year ending: <<date end of period>> – Key Questions Yes No Are less than 3-years of historical financial data available for the operator? . Are the financial statements missing any required information or schedules? Do any of the financial statements indicate a loss prior to depreciation? Do the Aging of Accounts Payable schedules show any material accounts payables (amount in excess of 5% effective gross income) over 90 days? Do the Aging of Accounts Receivable schedules show any material accounts
In addition to the requirements of the application package, the Lender Narrative must also provide a complete discussion on the borrower’s commitment to the project, both financially and in a business sense over the long-term as well as his/her experience. Credit History Report date: <<within 60 days of submission>> Reporting firm: Score: Key Questions Yes No Does the credit report identify any material derogatory information not previously discussed? . Does the underwriter have any concerns related to their review of the credit report? Is the credit report dated more than 60 days before the application date? <<If you answer “yes” to any of the above questions, identify the risk factor and how it is mitigated below. Provide an explanation of the credit score in terms of low, medium, or high risk, etc. Also, if the score is evaluated numberically, explain the value the credit agency places on the score.>> Financial Statements The application includes the following operator financial statements: Year to date: <<dates for start and end of period>> Fiscal year ending: <<date – end of period>> Fiscal year ending: <<date – end of period>> Fiscal year ending: <<date – end of period>> Key Questions Yes No Are less than 3-years of historical financial data available for the operator? . Are the financial statements missing any required information or schedules? Do any of the financial statements indicate a loss prior to depreciation? Do the Aging of Accounts Payable schedules show any material accounts payables (amount in excess of 5% effective gross income) over 90 days? Do the Aging of Accounts Receivable schedules show any material accounts
9006_LN-SRS.DOCX