How do you verify experience?

We have a 3 year look back period from date of loan underwriting. Experience must be in the same MSA or neighboring geographic region. Ownership is verified using publicly available county and MLS records. Renovations can be verified for past flips using publicly available purchase and sale prices and time to flip. For properties that were renovated and refinanced, we use the property’s value at the time of refinance to infer possible value added through renovations. In all these cases, we check that the sale price of the property reflects the purchase price and value added from the stated renovation budget

If we are unable to auto-verify ownership, the following documents are often provided:

• Executed HUD/Loan Documents from purchase or refinance
• Entity Filing Documents of entity on title for the property
• EIN Letters of entity on title for the property
• Tax Returns/K-1s of entity on title for the property
• By-Laws/Operating Agreements of entity on title for given property

To verify renovation experience from past projects, we can use:

• Proof of renovation via public databases/websites pictures/MLS Description (Zillow, Realtor, Redfin, Google Street View, etc.)
• Change in sale price between purchase and sale period (i.e. change in sale price > renovation/construction amount)
• Construction/renovation permits issued under the licensed entity owned by borrower
• Appraisal and/or Construction Draw Report/Inspection from previous financing providers.