The Investor Loan Document Checklist for Day One
The fastest closings start with a complete file. Here's what to have ready before you apply for an investment property loan.
Short answer
For most investment property loans, have ready: government ID, two months of bank or brokerage statements, entity documents if you're borrowing in an LLC, the purchase contract or current mortgage statement, leases and a rent roll for rented properties, an insurance contact, and a scope of work and budget for any rehab.
Key points
- ID, statements and entity documents.
- The contract or current mortgage details.
- Leases, insurance and rehab plans where relevant.
Everyone
- Government-issued ID
- Two recent months of bank or brokerage statements
- A schedule of real estate owned, if you own other properties; see lender-ready operations
Borrowing in an LLC
- Articles of organization and operating agreement
- EIN letter and certificate of good standing; see buying a rental in an LLC
Buying
- The signed purchase contract and any addenda
- The earnest money receipt
- Your insurance agent's contact details
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Refinancing
- The current mortgage statement and payoff contact
- Leases and a rent roll; see refinance document checklist
- The insurance declarations page
Fix and flip or construction
- Scope of work and line-item budget; see ten red flags in rehab budgets
- Contractor bid and timeline
- Your track record of past projects, if any
Frequently asked questions
What documents do I need for a DSCR loan?
Typically ID, bank statements for the down payment and reserves, entity documents if you're borrowing in an LLC, the purchase contract or mortgage statement, and leases for rented properties. Personal tax returns usually aren't needed.
Do I need tax returns for an investment property loan?
For DSCR loans, usually not. Conventional investment property loans typically require them.
What should I prepare for a fix and flip loan?
A scope of work, line-item budget, contractor bid, purchase contract, statements for your down payment and reserves, and details of any past projects.
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