Arizona provides solid investment opportunities in multi-family as vacancy rates continue to drop and rents are steadily increasing, especially in the Metropolitan Phoenix market.
Lenders tend to look at the stabilization of a multi-family project as one of the key determinants of what leverage of financing they will provide. The following items will typically be needed in order to get pre-qualification for an Arizona investment deal. These are pulled together by both the buyer and their agent to send to the lender.
- A personal financial statement dated within the last 60 days.
- A tri-merge credit report dated within 60 days (Lender will pull).
- The last two (2) years and year-to-date income operating expense statement for the property.
- Copy of the rent roll dated within the last 60 days.
- A copy of the purchase contract and any earnest monies.
- A brief summary of the loan requested, which should include who, what, where, when, why, and how (Lender will complete).
- A resume from the Borrower showing Landlord/Investment experience.
- Digital color photos of the property.