Fix & Flip / GUC Document Guide
Use this guide as a checklist to gather your files. To keep your upfront costs low, we focus on Pre-Qualification first before moving into entity and property underwriting.
📋 Phase 1: Pre-Qualification (Who You Are & What You Have)
We use these first two categories to ensure you are qualified before you spend money on entities or deal structures.
Category 1: Personal ID & Credit
- Completed Loan Application
- Why: Streamlines the approval process. You can use our Online Application or email us a standard Form 1003 PDF.
- Full 3-Bureau Credit Report (Experian, Equifax, and TransUnion)
- Why: Determines your loan options and pricing. Pulling your own PDF copy from sites like Credit Karma and Credit Check Total avoids a "hard inquiry" that hurts your score.
- Government-Issued ID
- Why: Verifies your identity. Provide a clear photo or scan of a valid driver's license or passport for all borrowers.
Category 2: Liquid Assets & Banking
- 2 Most Recent Bank Statements (all pages)
- Why: Verifies your down payment and closing reserves for the primary borrower, the entity holding title, and any borrowing partner.
- Borrower Experience Form - REO - 🔽Track Record🔽
- Why: Establishes your history as a project manager. Include details on properties currently owned or flipped within the past 36 months (dates, prices, and rental income).
🏢 Phase 2: Underwriting (How You Hold Title & Your Project Details)
Once pre-qualified, we collect these items to underwrite the specific entity and construction project.
Category 3: Corporate / LLC Documents
Loans must close under a business entity to shield you from personal liability.
- Entity Formation Files
- For LLCs: Articles of Organization and your Operating Agreement / Member List.
- For Corporations: Articles of Incorporation and Corporate Bylaws.
- For Trusts: Full Trust Agreement (to verify borrowing/pledging power) and a notarized Certification of Trust (confirming active trustees and signing authority).
- EIN Confirmation Letter
- Why: Verifies your business tax ID. Provide your IRS Form CP 575-G (SS-4).
Category 4: Project & Property Documents
Lenders review these to protect their investment and ensure your construction budget matches the local market numbers.
- Line-Item Rehab Budget - Scope of Work 🔽SOW🔽
- What: A detailed spreadsheet mapping out all project costs: purchase, permits, materials, labor, landscaping, and plans/drawings.
- Contractor Professional Profile
- What: Your contractor's resume, active local licenses, general liability/workman's comp insurance, and a list of recently completed project addresses.
⚠️ What to Expect Next (Conditional Items)
- Executive Summary: Before digging into files, you can kick off a scenario review by emailing or calling us with a brief summary of the property address, purchase price, your plans, and your exit strategy.
- Personal Financial Statement (PFS): Some lenders request this to verify your net worth stability in place of traditional tax returns.
- Property Appraisal: A third-party appraisal will be ordered early in the process. The borrower is responsible for this fee, paid via credit card authorization.