Avatar's Blog

» Creating Financials for Your Loan Request

Posted on 2/27/2005

In order to make an initial determination on a loan (called "issuing a Letter of Intent and Term Sheet") Avatar Financial Group needs to see a Profit and Loss statement for the business entity or entities involved in the transaction. This will include:

  • Rent rolls from a building where units are rented out - get them from the seller if you are buying the property
  • P&L for the past 2 years if a business will "owner occupy" a commercial building
  • P&Ls for the company that will own the new property if the property will remain non-income producing

Avatar will also want to see a 1003 - a form that provides a standardized Net Worth Statement for the borrower(s) who will be responsible for the loan. You can get this form from the website at: /pdfs/Avatar%20Loan%20Document%20Packet.pdf

Posted in Miscellaneous