All Forum Posts by: Hans Restuccia

this is an excerpt from ours:

4. Affiant states under oath that she does not reside in above described property, this property is not the Homestead property of the borrower, and that this loan is for the business operations of the borrower.

5. Affiant further states that she is familiar with the nature of an oath; and with the penalties as provided by the laws of the State aforesaid for falsely swearing to statements made in an instrument of this nature. Affiant further certifies that she has read or caused to be read to her the full facts of this affidavit, and understands its contents.

6. Affiant hereby confirms that this loan is being procured for business purposes by a business entity and that she, as the borrower, and/or the representative of the borrower, is a sophisticated investor engaged in the business of real estate investment and has had sufficient time to shop for prices, interest rates and terms for this loan. Affiant also affirms that she has received an estimate of all costs several days ago.

Bill Gulley- absolutely- we also employ that system.

David C.- absolutely agree- because we are owned by an attorney everything we do is in anticipation of litigation- we will never do anything wrong purposely- never worth risking our reputation and license- but I find that the brokers bringing us deals often lie to the borrower and we have no knowledge of the representations made by them, but can be used as a defense against us in a FC action- hence, my forms will mitigate that.

Bill Gulley- great stuff indeed- thanks

David C.- agree- but I make them go through the process because when they have to hand write a portion of the document it is harder for them to say they did not read it.- yes???

Bill Gulley

I just checked your profile and I see you have a FDIC and examiner background!! That is why you know this stuff so well. Do you do consulting work???

Chuck Redman

yeah man- seems like it!!! LOL What a nice resource for us!!

Corey Dutton

exactly- because there is strong tendency to grow the bubble w/ all the foreign investors in South Fla. we have to stay conservative. On re-hab loans we will give draws for 65% of the work being done.

@Bill Gully-

Thank you very much for excellent advice!! u da man.

Ps. How did you lean all this stuff- I have such a hard time getting a straight answer of requirements????

@Chuck

you are welcome sir.

Corey Dutton- by the way- how do I get your name in my quick reply like you did w/ @Hans Restuccia- did you just type that in??

sorry- new bee. Now I see a drop list and can do it but not always there.