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» Personal Financial Statements for Loan Packages
When issuing a Letter of Intent, Avatar generally wants to see P&Ls for the business entity that will support the loan payments, photos of the subject property, and a Personal Financial Statement on the borrower(s)/guarantor(s) of the loan.
Avatar takes a look at loans from a number of different angles to make a decision about loans based on all . The purpose of the Personal Financial Statement (aka 1003) is to see the sibstance of the person or business entity behind the real estate guarantee. The financial situation of the guarantors of a loan can serve to support the argument for financing.
When creating a Personal Financial Statement list assets, liabilities and indicate the net value of the personal estate. Real estate, investments, bank accounts, and personal possessions such as art, antiques, and household goods may also be applicable.
