Jake and Gino Multifamily Investing Entrepreneurs
Business:Investing
RCRE - Understanding Your Personal Financial Statement
Will Coleman and Mike Taravella discuss personal financial statements.
Key Information:
A personal financial statement or PFS is an account of an individual’s personal assets and liabilities. Personal financial statement’s are used by lenders to evaluate whether a borrower has the net worth and liquidity to pay back a loan in the event that they were to default on their payments. A majority of lenders will require your net worth to be equal to or greater than the loan amount and for your liquidity to be enough to cover 9-12 months of debt service payments post closing. Scheduled Real Estate Owned (SREO): a list of all properties a borrower has an ownership claim in. Banks will put more emphasis on the net worth of a borrower and less emphasis on the SREO. Fannie Mae and Freddie Mac will put equal emphasis on your net worth and SREO.
Expert Pro Tip: “Check out our resources to help you fill out your PFS!”
Contact Information:
miket@randcre.com
will@randcre.com
To register to invest with us:
https://invest.randpartnersllc.com/invexp/accounts/login/
Rand CRE's Facebook: https://www.facebook.com/randcre
Rand CRE's Linkedin: https://www.linkedin.com/company/randcre
Rand CRE's Instagram: https://www.instagram.com/randcre
Create your
podcast in
minutes
It is Free