Life can be complicated.
That said, we have made every effort to simplify our part of the house flipping process. Because securing funding for your next project should be straight-forward and headache-free.
We often hear the question—what paperwork do I need to apply? So we’ve put together a checklist of the items you’ll need to gather to complete our automated, online application. And when we say automated, we mean it. Once you have signed into your private member account, you can upload all of the documentation below, securely and easily, right on our website.
- Do you have the house under contract? If so, then the first thing you’ll need to pull together is the Purchase Agreement for the property with all required signatures and all executed Assignment of Contracts.
- As you complete the full application, we will also need to see evidence of your Earnest Money Deposit for the property under contract. That tells us that you’re serious about making this project work.
- And since the After Repair Value or ARV of the property is critical to our approval of your loan, we require a detailed Scope of Work or SOW (see our free downloadable SOW template) signed by a licensed contractor for all repairs.
- We also request a copy of your most recent bank statement (all pages) showing liquid funds to close and to complete phase one of the project. Our rationale here is that we want our borrowers to be as committed to the project’s success as we are. By committing some of your own funds to begin the project, there is shared risk on the part of all parties.
- NavCap is not your traditional mortgage lender. We only extend funding to business entities, not individuals. Therefore, if your entity is an LLC, we would like a copy of your Company Articles of Organization and Operating Agreement. If your entity is a Corporation, we request upload of the Articles of Incorporation, By-Laws, and Corporate Resolution.
- And, lastly, you will need to provide a copy of your Builders Risk policy covering at least the loan term and the entire loan amount. We should also note that insurance coverage must be Special Risk OR All Risk. WIth so many factors involved in a successful flip, it pays to cover your bases and prepare for the unexpected.
Pulling together this paperwork can be done at any point along the application process but must be completed before final loan approval. For more detailed information about applying for funding, take a look at this short explanatory video. And, although the process is automated, we are always available to answer questions and provide guidance along the way. We consider our borrowers to be our partners and are fully invested in your success!
Reach out to us at 443.603.0193 or info@gonavcap.com to find out more details about all of NavCap’s innovative financing opportunities.