Loan Application Terms

Conditions Prior to Closing:

  • Borrower agrees that property is and always will be used for investment purposes.
  • All guarantors of the loan will provide a Personal Financial Statement in a form acceptable to the lender.
    Insurance & Taxes:

Borrower shall provide lender with proof of insurance at or before closing in a form acceptable to Lender. The loan will not be funded until insurance is approved by the Lender. The lender shall be named the loss payee and additional insured on the insurance policy. The collateral must remain insured in a form acceptable to the lender for the life of the loan. Real estate taxes and any other taxes on the property must be paid currently by Borrower when due. Non-payment of insurance and taxes shall be events of default.

3 Party Fees:

Borrower is responsible for all costs incurred by Lender in processing this loan request including but not limited to appraisal, underwriting, title work, legal fees, surveys, environmental reports, credit reports, and inspections. The actual costs of these services are dependent upon the type of loan and location of the subject property.

Disclosures & Other Requirements:

  • Premier Solutions will conduct an initial review of the loan requested. Final approval of this loan is subject to the accuracy of all information, representations, and materials submitted for the loan at any time prior to closing.
  • The loan documents will contain certain requirements, warranties, representations, and indemnifications regarding environmental liability which shall be binding upon the Borrower and Guarantors.
  • The Borrower and Guarantors shall execute such agreements, mortgages, security agreements, pledges, assignments, instruments, certificates, affidavits, and other documents and will take such actions as are reasonably required by Lender or its legal counsel, and all actions, proceedings, instruments, and documents required or requested shall be satisfactory to and approved by
  • Lender and its legal counsel.
    The Borrower and Guarantors shall furnish to lender such additional documents, certificates, and opinions as are reasonably required by Lender or its counsel to establish the existence, validity, and/or legality of any matter relevant to the loan.
  • The Lender has an option to withdraw if (a) there are material changes or inaccuracies in the material provided in the loan submission, (b) the Borrower or Guarantors commit an act of bankruptcy; (c) the Borrower or Guarantors experience an adverse change in business or financial condition; (d) there is a material change in the real estate market which would, in lender’s sole discretion, endanger the security, completion or repayment of the loan contemplated herein; (e) there is a change in the members or management of the Borrower or the percentage of interest owned by any member; or (f) the Borrower or Guarantors fail to comply with any requests by Lender for additional underwriting material.
  • In the event of any conflicts between the final loan documents and this information, the loan documents shall supersede this information and shall be binding upon borrower.
  • Premier Lending Solutions has the unrestricted right at any time or from time to time to sell the note and loan documents or sell participation interests therein. No notice is required by Lender to Borrower of any assignment, sale, or transfer of the loan.
  • Premier Lending Solutions acknowledges that this loan may close in our name or the name of our participating Investor.