Jumbo Florida Mortage Lenders That Loans To Trust

 Florida Jumbo Mortgage Lenders That Loan To Trust

• 1MM Minimum loan amount
• 50-65% Loan to value /1,000,000= min value 2,000,000

Provide all entity docs (Trust, LLC paperwork) if loan will be vested in an entity. All items must be reviewed and approved by our Florida mortgage lenders’ Trust legal dept. Fee for Trust review is $300.

Privacy Trust: Please note that Privacy Trusts are only allowed in the Wholesale channel dues to the complexity of the loan documents.

Trust: For a Title held in a Trust, provide a copy of the complete, executed Trust Agreement with all amendments.

Entity: For Title held in an Entity, provide the documents listed below

1. An opinion letter from the LLC’s legal counsel. The opinion shall be addressed directly to our Florida Mortgage Lenders and its successors and assigns. (Sample Available)

2. Filed Articles of Organization/Certificate of Formation, including all amendments (or equivalent document required by the state to register a LLC).
3. Certificate of Good Standing (or equivalent document) issued from the state in which the LLC is organized. The certificate cannot be dated more than 60 days prior to closing
4. Signed Operating Agreement, including all amendments, attachments and schedules, if any. The Operating Agreement must provide the term of the LLC and have a stated purpose that will allow ownership of property, the right to borrower and the right to mortgage property. [NOTE: should the LLC not have an operating agreement pursuant
to its state law, a Member Certificate shall be required.]
5. Resolution of Unanimous Consent of the Member(s) of the LLC. The resolution must specifically identify the property, approve the mortgaging of said property and the execution of documents to effect said mortgage. The resolution must also designate a member who shall execute all documents on behalf of the LLC and include a witnessed incumbency signature section (designated member provides sample of his/her signature). (Sample available)
6. A complete Member List showing all Members and their respective ownership
interests.
7. If the property is located in a state other than the state in which the Limited Partnership is organized, the following documents issued from the state in which the property is located shall also be provided:
8. A filed Certificate of Authority (or equivalent document) showing the LLC is properly registered in that state.
9. A Certificate of Good Standing (or equivalent document) dated within 60 days of the loan closing.
10. If the LLC’s ownership includes a non-natural person, documents concerning.

Trust Accounts Assets:
Funds disbursed from a borrower’s trust account are an acceptable source for the down payment, closing costs, and reserves provided the borrower has immediate access to the funds.
• Obtain written documentation of the value of the trust account from either the trust manager or the trustee with bank or investment account statements, AND document the conditions under which the borrower has access to the funds and the effect, if any, that the withdrawal of funds will have on trust income utilized to qualify the borrower for the mortgage

Trust Income:

Trust income can be verified through a letter from the trustee stating the amount and frequency of the payments. In addition, the current value of the trust must be reasonably estimated to document the continuance of receipt for at least three years. The trustee should provide copies of a recent bank statement of the trust to support the current value of the trust. If the borrower receives the trust income through K1s, then the two most recent years K1s evidencing the income must be provided.