General Knowlegde
Give 5 categories of real estates
Commercial
Residential
Land
Special Use
Industrial
What is most important part of the call flow?
RAPPORT
Give 3 types of Refinancing
Refi Payoff
Refi Cash Out
Refi Rehab
What is the meaning of ARV?
After Repair Value
To whom do you request Term Sheet?
(Give 1)
Elen
Dianne
Abby
Address of Builder Banc and what year was the business established?
8 The Green, STE 4000 Dover, DE 19901
Since 2007
What are the incentives for brokers?
10%-15% for CF
What are the purchase and Rehab programs?
100% Financing
Diamond Program/DPP (triple 100)
What does EIN and LTV Stands for?
Employer Identification Number
Loan to Value
Who are the managing partners?
Jill and Robert
5 Pre-qualifying questions
Credit Score
Liquidity
Experience
Owner Occupied
Sales Contract
If the area of SPA is rural, what do we ask to verify to consider it suburban/urban?
Distance from the nearest city (miles or minutes drive away)
Density/Population
Beach Front
The client wants a long term loan on a property acquisition with rehab. What options are you going to give?
Purchase with Rehab then Refinance
What does the following mean: Baloon Note, ARM, Long term/Short Term
Interest and Principal at the end of the loan term , adjustable rate mortgage, Longterm (30 year refi and perm, straight purchase) Low Interest Short Term (Rehab), High Interest
Purposes of Refinancing
Lower Interest, Equity, Pay Off, Rehab
What are the documents for the following:
Credit Score
Liquidity
Experience
CS - Credit Report
Liquidity - Bank Statements
Experience - HUD-1/Settlement statement
Give the call flow
(Rapport is given in the entire flow)
Greeting
Pre-qualifying questions
Program Pitch
Process Explanation
CF Explanation
1003 Application
Scheduling of TS presentation
Explain Pre-approval Letter or Proof of Funds
Give 3 talking points
- Advantage to other buyer (securing property)
- Good for 1 year
- Part of CF/Closing
- They can use it for multiple properties
- Non-refundable
Differentiate Liquidity from Assets
Liquidity - is an asset that can be converted into ready cash - cash on hand, cash on bank - NO TIME DELAY
Assets - Personal and Real property: items of value which can be converted into cash. Bank accounts, stocks, bonds, mutual funds, real estate, personal property, etc. - WITH TIME DELAY
If the Client wants to close within 1 week of a Purchase Agreement what will you say and ask?
extension, why?, was there a previous lender that you were working with? Were you shopping around for lenders? was there a deposit for Earnests money?(4)
What is the end to end process?
Sales (Talking to the client/1003 Application)
TS Request -c/o OMs
TS Presentation (Paying CF)
Compliance (completion of docs)
Loan Opener
Underwritter
Closing Department
Assets (4) and Liabilities (3)
Bank Accounts, Stocks and Bonds, Life Insurance, Real Estate, Car Owned, Jewelry(Gold) / Liabilities : Car Loan , Mortgage Loan, Credit Card
Refinancing (75% LTV)
Market Value: $300,000
Rehab: $100,000
ARV: $500,000
What is the requested loan amount?
What would be the value of LTV?
What is the requested loan amount?: $400,000
What would be the value of LTV?: $225,000
Give the 3 chapters for Bankruptcy and their keywords
Chapter 7 - Liquidation
Chapter 11 - Re-organization - For business
Chapter 13 - Wage earner's plan
Convince a client (spin the wheel) about bad reviews
Client to give out the points