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Executive Summary

Note: This form can also be downloaded and faxed back to 601-649-7116.  MFC will work with you to accomplish your funding requirements.

The executive summary is used to help you put “the deal” in writing. The answers in this form will give us some indication as to whether the project is doable, with what source(s) of funds and on what terms and conditions.  The time frame to analyze the executive summary is 2-4 business days.  Do NOT mail, fax, email me any additional information. Just fully complete this form to get the process started.


1) Contact Information:
Who do we get back in contact with on this executive summary, the borrower, the broker, or the borrower’s attorney or representative?

Name:  
Title:  
Address:  
City:  
State:  
Zip Code:  
Phone:  
Fax:  
Email:  

Method of Contact:  Phone Fax Email Regular Mail

2) Loan Amount:
What is the amount of funds the borrower actually needs for the project?

3) Borrower(s) Desired Loan Terms
What loan terms are expected by the borrower?  Note to Brokers: Please DO NOT add points or elevate loan amount to cover your compensation at this stage.

Loan term: months.

Interest rate: %.

Origination points:

Fees to cover appraisal, EPA, site visit, title work, etc.

4) Property Description
Complete the description of the property and the project. i.e.,  number of units, square footage, number of acres, age, etc.

Type of real estate involved:
Location of real estate:  
City: 
County:
State:  

What year did borrower purchase subject property?

What did borrower pay for the property?  
What is borrowers total cash spent into this property to date?
What is the borrower’s current equity in property?  

What debt or back taxes are against property?  
What percentage of subject property is occupied today? 
%

Additional comments: 

5) Current Value:
What is today’s current value of subject property in it's present condition?

6)Informaton on PURCHASE ONLY or PROJECT DEVELOPMENT Transactions

Sales Price (Real Estate Part Only) or Projected Project Cost
Borrower's Cash Down Payment or Owner's Investment
Seller's Held Second Lien, if Applicable or Secondary Financing

Any other additional comments you feel necessary to explain purchase, sale, or project cost:

7) Additional Collateral
List any additional real estate the borrower may have that could be used to cross-collateralize this loan request to lower the loan to value ratio:
Collateral 1

Property Type:
Location:  
City:
County:
State:
Value of Property:
1st Lien Balance:
2nd Lien Balance:

Collateral 2

Property Type:
Location:  
City:
County:
State:
Value of Property:
1st Lien Balance:
2nd Lien Balance:

8) Use of Funds
Provide a quick description of "use of funds" i.e. Purchase, Refinance,  Construction,  Development, Operating Capital, etc. 

9) Exit Strategy
What is the exit or payoff strategy to pay off the balloon at the end of the loan term?

10) Prior Turn Down
Reasons why conventional financing could not be obtained

11) Would You Consider a Joint Venture
Would you consider giving up a percentage of equity in this project to a joint venture, if it was the only way to get it approved?
-Yes  -No , if yes, up to what percentage would you relinquish%

12) Information About Borrower
Tell us about the proposed borrower:
 
Entity :
 Individual Corporation LLC Partnership  Other:

Personal Credit History (score) of all Principles Involved:

Prior Project Experience of Principles:

Net Worth or Financial Strength of PRIMARY Principles EXCLUDING this project in dollars: 

Primary Principles last 3 years average monthly income(s):  

13) Budget On Subject Property
What was(is) the income and expenses on subject property. You do the math. Take out any mortgage interest, debt service, or depreciation from expense side. Do include any reserves for vacancy or management fees since lender will most likely call in a professional management team in the event of a default.  Just fill in the blanks below please:

  2003 2004 2005 (YTD)
Gross Income:
Total Expenses:
Net Operating Income:
Average Yearly Occupancy:

(Please indicate up to what month the figures are calculated: )

14) Available Documentation and Information
Describe any documentation or information from a reputable "third party" source the borrower has in his possession at this time. Check all that apply:

Appraisal, when was it done - Month: Year:

Title Opinion  Title Commitment  Title Policy, when was it done - Month: Year:

Environmental Reports:

EPA Phase I EPA Phase II  Asbestos  Lead base paint, when was it done – Month: Year:

Full Financial Statements Prepared by Third Party

Subject Property  Principles  Corporation or LLC , when was it done - Month: Year:

15) Anticipated Budget On Subject Property (Pro Forma Statements)
If new venture, does borrower have anticipated budget calculations for the next 2 years:
Yes  No  Can Provide in 2 Weeks or Less  Can Never Provide

16) Additional Comments:
Please include any additional information that would make this deal more appealing to a lender:

Thank you for taking the time to complete this form.  This information allows us to make a quick determination on the loan.

 

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