Brokers who submit complete files close deals in 5 days. Brokers who submit partial files close in 15 — if the deal survives. Here are the exact 7 items that separate the two.
The Checklist
1. Executed Purchase Contract
Fully signed by both parties. All contingencies, addenda, and closing date clear. Property address matches everywhere. This one item kills more submissions than any other.
2. Borrower 1003 and Credit Authorization
Complete application with all fields populated. Signed credit authorization. Tri-merge credit report ideally pulled within 30 days.
3. Entity Documents (if LLC)
- Articles of organization
- Operating agreement
- EIN letter
- Certificate of good standing (for older entities)
4. Proof of Funds for Down Payment
Most recent 2 months of bank statements showing sufficient liquid funds. Large deposits sourced and documented.
5. Scope of Work (for Bridge Loans)
Line-itemed rehab budget with totals matching your requested loan amount. Contractor agreement if available.
6. Property Insurance Quote or Binder
Evidence of landlord/builders risk policy with appropriate coverage. Lender listed as mortgagee.
7. Rent Roll / Lease (for DSCR)
Current lease if tenant-occupied, or market rent analysis if vacant. Rent schedule comp data welcomed.
The Bonus Item
Include a one-page deal summary: purchase price, loan amount, rate expectation, exit strategy, borrower experience (past deals). It takes 10 minutes and earns faster underwriter attention.
Common Missing Items
- Signature page on purchase contract
- Addenda referenced but not attached
- LLC operating agreement
- Sourced bank statements
- Contractor license + insurance for bridge loans
Submission Quality Tiers
| File Quality | Avg. Close Time |
|---|---|
| Complete on submission | 5-7 days |
| 1-2 items missing | 10-14 days |
| 3+ items missing | 15-25 days |
| Chronic missing docs | 30+ days or dies |
The difference between a 5-day close and a 25-day close isn't the lender. It's the file. Get these 7 items right on every submission and you'll out-close every broker in your market.
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