Updated
A mortgage broker can request a Second Look by submitting the client’s investment-property scenario through the Jaken Finance Group broker portal. Explain what the original lender declined or changed, the financing now requested and the actual deadline. Include available evidence and identify missing records. Another review assesses possible program fit; it does not carry forward the first lender’s approval.
Brokers: submit the client scenario. Property owners submitting for themselves can request a borrower Second Look.
Which financing problem should the broker lead with?
Lead with the condition that stopped the loan. A property can have several issues, but the first sentence should identify the decision needed now. A lower rental-income figure calls for different evidence from a lender that cannot meet the closing date. Explain both if they occurred together.
| What happened | Evidence to include | Program information to review |
|---|---|---|
| Rental coverage or accepted rent was too low | Lease, rent analysis, payment assumption and requested loan | DSCR rental financing and DSCR declines |
| Rehab leverage or value changed | Original terms, current scope, budget, value support and revised cash requirement | Hard money financing and hard money declines |
| An apartment or mixed-use file did not fit a residential program | Legal unit count, occupancy, rent roll, operating history and loan purpose | Commercial financing |
| The property needs work or lease-up before permanent debt | Present condition, work funding, operating cash and repayment plan | Investment-property bridge financing |
| A lender withdrew or changed the closing terms | Latest written terms, open conditions, contract dates and available extension | Lender backed out before closing |
These links explain potential financing structures. The property, borrower, available cash and repayment plan still need review. A change of product can introduce different costs or conditions, so compare the complete proposal before describing it to the client as a solution.
What belongs in the first broker message?
Write a short introduction that another reviewer can understand without reconstructing a long email chain. Use the annotated broker submission examples to see how the introduction connects to the supporting records.
- Broker and client: your name, firm, contact details, client name and intended borrowing entity.
- Property: address, property type, legal units or sites, occupancy and current condition.
- Request: purchase or refinance, price or payoff, requested loan and intended use of funds.
- Original outcome: what the lender declined, reduced or left unresolved, with the date of that communication.
- Evidence: available rent, expenses, scope, value support and borrower cash, with reporting dates.
- Timing: contract or maturity date, inspection access and any extension already documented.
- Open questions: records still requested, assumptions requiring confirmation and the specific decision you want reviewed.
Keep estimated and documented figures visibly separate. If the seller quotes a rent that the lease does not support, show both amounts and label their sources. If the borrower expects funds from a future sale, identify that dependency instead of presenting those funds as available cash.
How is an initial review different from underwriting?
An initial review asks whether the scenario warrants a particular financing discussion and what information is missing. Underwriting examines the evidence needed for that proposed loan. An organized introduction can help the first conversation, but a checklist is not a promise that every listed item will apply or that no additional item will be requested.
| Stage | Purpose | Useful broker action |
|---|---|---|
| Initial scenario | Identify the request, obstacle and possible program | Provide a concise summary, available records and missing-item list |
| Program discussion | Clarify proposed structure and material assumptions | Confirm the client’s cash, timing and repayment expectations |
| Underwriting | Verify collateral, borrower, income, budget and conditions | Supply the requested records through the existing portal |
| Closing preparation | Resolve final documents and funding conditions | Keep the client, title team and lender aligned on current requirements |
Do not wait to mention a material issue because the supporting report is unfinished. State what is known, who is checking it and when an answer is expected. Conversely, an incomplete package may not support a reliable loan amount or closing assessment. Ask which missing item most affects the decision.
How should a broker explain changed leverage?
Show the original request and the revised structure side by side. Identify whether the lender reduced the total loan, the acquisition advance or the rehabilitation allocation. These changes affect different parts of the client’s cash requirement. A total commitment that includes future draws is not necessarily cash available to the seller at closing.
For an illustrative purchase, suppose the price is $300,000 and the initial acquisition advance was $240,000. If the revised acquisition advance is $210,000, purchase equity rises from $60,000 to $90,000. The additional requirement is $30,000 before fees, prepaid items, repairs and reserves. This is arithmetic using assumed inputs, not a quote or an eligibility determination.
The broker’s question should identify how that difference would be covered. Explain whether the client can contribute more cash, the price may change or another documented structure is being considered. Extra debt is another repayment obligation; it should not be presented as interchangeable with borrower equity.
What if the first lender says the property does not qualify?
Ask which property feature caused the decision. Unit count, commercial use, occupancy, condition and rental operation are different questions. A furnished short-stay property needs a different income explanation from a leased apartment building. A partially renovated house needs a work and funding plan, not just the rent hoped for after completion.
Describe the existing legal configuration and the proposed use separately. Include known permit, title or access issues that could change the structure. The reviewing team can determine what further evidence is needed. An attractive projected value does not establish legal use or prove that improvements can be completed within the available cash and time.
For specialty assets, start with the relevant material: mobile home and RV park financing for brokers, construction financing or large development documents. Their operating and construction details should remain visible in the submission.
Can the new lender use the original reports?
Attach available reports for context and identify the client, property, report date and commissioning lender. Ask the reviewing lender whether the report is acceptable before paying for new work or promising that a transfer will save time. Acceptance can depend on the assignment, permissions, age and program requirements.
Fannie Mae’s appraisal forms reference explains the purposes of familiar residential reports. It describes Fannie Mae’s requirements, not a universal private-lending policy. Use it to understand the document, then confirm the report required for the proposed private loan.
What should a broker do when the deadline is close?
Provide the actual contract or maturity date, not simply the word urgent. Identify remaining conditions and whether an extension is agreed, requested or unavailable. Keep the client’s agent, title contact and advisers informed as appropriate to their responsibilities. A review request does not extend a contract or guarantee a funding date.
Ask for a realistic assessment based on the current file. Record the next action, the person responsible and the expected document date. If the plan relies on an extension that has not been granted, state that dependency. It is better to understand it before the client incurs more costs.
Keep the client and broker relationship clear
Submit through the existing broker portal, identifying your firm and the client’s transaction. Read the broker client-protection policy and portal access guide for the established relationship and access information. Keep subsequent updates connected to the same request.
When something changes, name the changed figure and the document that supports it. A revised scope, new payoff or updated lease can affect the proposed loan. Keep the prior version identifiable so the reviewer can understand the change. This preserves a useful record of the financing question rather than a series of unexplained attachments.
Choose the next step for this file
Review the matching DSCR, hard money or commercial guide. Prepare the introduction using the submission examples. A broker with the scenario ready can proceed directly to the portal; reading every resource is not a prerequisite to requesting a review.