Updated
A useful broker loan submission states who is borrowing, what property is involved, how much financing is requested, how it will be repaid and what still needs review. Match the supporting records to those statements. Jaken Finance Group brokers use the existing broker portal; borrowers submitting their own properties use the corresponding borrower application.
The three examples below are illustrative, with invented names and assumed figures. They are not actual transactions, offers or approvals. Their purpose is to show a clear initial request and the questions that should remain visible. Detailed underwriting requirements depend on the proposed program and file.
Choose an example: DSCR rental, rehab project or multifamily property. If another lender declined or changed terms, also use the broker Second Look guide.
DSCR rental example
Question: How should a broker introduce a leased rental purchase?
State the purchase price, requested loan, current lease, proposed payment assumptions and borrower cash. Identify what is documented and what awaits appraisal, insurance or program review. A rent-to-payment calculation is a screening illustration; it does not establish eligibility or the final qualifying rent.
Sample introduction
I am Morgan at Example Brokerage, representing Example Rental LLC on a non-owner-occupied single-family purchase. The assumed purchase price is $300,000 and the requested loan is $225,000. The existing signed lease shows $2,400 monthly rent. Our preliminary full housing-payment estimate is $2,000 monthly, including principal, interest, property taxes and insurance; no association dues are reported. The client reports $100,000 available cash. Please review program fit and the documents needed to verify the request. Contract closing is requested in 45 calendar days. The insurance quote, appraisal and verification of available cash are outstanding.
What the introduction establishes
| Item | Assumed figure or status | What the reviewer still needs |
|---|---|---|
| Requested leverage | $225,000 ÷ $300,000 = 75% of price | Accepted value and applicable program limits |
| Illustrative coverage | $2,400 ÷ $2,000 = 1.20 | Accepted rent and the complete payment calculation |
| Purchase equity | $300,000 − $225,000 = $75,000 | Final proceeds and settlement figures |
| Cash after purchase equity | $100,000 − $75,000 = $25,000 | Closing costs, prepaid items and required reserves |
| Current occupancy | Existing lease reported | Lease terms, occupancy and any concessions or arrears |
The $25,000 remainder is before costs and reserves. Describing the client as having $25,000 free cash after closing would be premature. Likewise, an insurance estimate can change the payment calculation. The example deliberately makes those dependencies easy to see.
Supporting records and missing items
Attach the available purchase agreement, executed lease, tax information and entity details. Identify the date and source of the cash figure. Obtain the lender’s instructions for financial statements, authorizations, valuation and insurance. Use the DSCR document checklist to organize the later package.
An asking-rent listing should not be labeled as a signed lease. If the rent includes utilities, furniture or other services, explain them. For a short-term rental or a vacant property, identify that operation at the start and ask which income evidence applies. The DSCR program guide explains the financing context.
Brokers: submit a rental client scenario. Borrowers: request DSCR financing for your property.
Rehab example
Question: How should a broker present a renovation loan and cash requirement?
Separate the acquisition advance from future rehabilitation draws. Show the full project budget and the cash needed before reimbursement. An approved total loan, an initial closing advance and funds held for later work are different amounts.
Sample introduction
I am Morgan at Example Brokerage, representing Example Renovation LLC on an investment-property purchase and resale. Assumed price is $200,000, with a $60,000 contractor budget and a $6,000 contingency. We request review of a $220,000 total facility, modeled as $160,000 at acquisition and $60,000 for later work draws. The client reports $90,000 available cash. Estimated finished value is $330,000 and remains unverified. Please assess the proposed allocation, the evidence needed for value and the client’s cash through construction. The scope, contractor bid and draft work sequence are available; permits, draw conditions and final closing costs need confirmation.
Cash and funding annotations
| Budget item | Illustrative amount | Why it matters |
|---|---|---|
| Price plus work and contingency | $200,000 + $60,000 + $6,000 = $266,000 | The project already exceeds the $220,000 requested facility |
| Acquisition equity | $200,000 − $160,000 = $40,000 | Cash needed toward price before closing charges |
| Cash after acquisition equity | $90,000 − $40,000 = $50,000 | Still needs to cover costs, carry and any work paid before draws |
| Rehabilitation allocation | $60,000 requested for future draws | Draw timing and reimbursable costs require review |
| Budget gap before financing costs | $266,000 − $220,000 = $46,000 | Shows equity and contingency, not the entire cash requirement |
Do not deduct a future draw from the cash needed today unless its timing is confirmed. Identify contractor deposits, material orders and inspections that occur before reimbursement. Carrying expenses and selling costs also need their own estimates. A profitable projected sale can still leave a project short of working cash during the work.
Connect the scope to the value
The proposed finished condition should match the contractor’s priced work. If the expected value assumes an additional bedroom, identify whether that work appears in the scope and what approvals remain. Separate current condition, planned improvements and the final configuration used in comparable sales.
Use the hard money guide and fix-and-flip requirements for program context. The scope-of-work guide helps organize the work description. If financing was declined, attach the original terms and name the changed condition using the hard money denial guide.
Brokers: submit a rehab client scenario. Borrowers: request financing for your rehab.
Multifamily example
Question: How should a broker package a five-unit or larger property’s operating income?
Show current scheduled rent, actual collections and operating expenses as separate figures. Describe vacant units, concessions, unpaid rent and owner-paid services. A future rent increase belongs in a separate forecast until supported by the records and accepted underwriting treatment.
Sample introduction
I am Morgan at Example Brokerage, representing Example Apartments LLC on a six-unit acquisition. Assumed purchase price is $900,000, with $630,000 financing requested. The current rent roll shows $7,500 scheduled monthly rent. The trailing twelve-month records show $84,000 collected revenue and $34,000 recorded operating expenses before debt service. We calculate $50,000 reported net operating income, subject to adjustments. The client reports $350,000 available cash. Please review the proposed commercial structure and required operating adjustments. The seller’s tax bill is available; insurance renewal, management costs and repair history need verification. The buyer plans to hold the property as a rental.
Explain the differences in the operating file
| Item | Illustration | Question for review |
|---|---|---|
| Annualized scheduled rent | $7,500 × 12 = $90,000 | Why do current leases differ from past collections? |
| Recorded collections | $84,000 | Identify vacancy, concessions, arrears and non-rent income |
| Reported operating income | $84,000 − $34,000 = $50,000 | Which expenses or reserves require adjustment? |
| Requested loan versus price | $630,000 ÷ $900,000 = 70% | Does accepted value and cash flow support this request? |
| Purchase equity | $900,000 − $630,000 = $270,000 | What additional costs and liquidity are required? |
If annual debt service were $40,000, the unadjusted illustration would show $50,000 ÷ $40,000 = 1.25 coverage. That denominator is an assumption, not a loan quote. Underwritten income can differ from reported income after expenses and other required adjustments. An expected loan amount should remain a request until the complete structure is reviewed.
Supply the operating history behind the totals
Provide the current rent roll and available monthly operating statements for the trailing twelve months, often called the T12. Explain reporting periods, accounting method and unusual entries. A bank deposit total, lease schedule and profit-and-loss statement may describe different things. Reconcile them instead of treating the largest number as qualifying income.
Link material repairs to the buyer’s operating plan and budget. If the property needs substantial lease-up or renovation, ask whether a bridge discussion is more appropriate than a stabilized permanent-loan request. Read the commercial financing guide and commercial document checklist before labeling the package complete.
Brokers: submit a multifamily client scenario. Borrowers: use the commercial financing form.
How should attachments be named and updated?
Name each file with the property identifier, document type and reporting date. Keep an executed lease distinct from a proposed lease and a signed contract distinct from an unsigned draft. Preserve the original records; add a separate explanation of adjustments rather than changing the evidence to match the requested loan.
When replacing an attachment, state what changed. For example: the revised contractor bid adds a roof repair, the new payoff includes an extension fee, or a tenant has signed a renewal. Identify the figure affected in the introduction. This gives the reviewer a specific issue to address and helps the broker explain the next step to the client.
Where do specialty properties and declined files go?
Use the park broker guide for mobile home parks and RV parks. Site mix, operating months and utility systems need attention beyond a residential rental example. For construction, use the development checklist and the construction program guide.
A changed loan proposal should also include the original terms and the condition that changed. The broker Second Look page explains that handoff. Keep your role and client clearly identified in the portal, with the client-protection policy available for reference. The reviewing team will determine the next evidence needed for the actual transaction.