South Elm Capital, like most private money lenders, requires a specific set of documents to process your loan application. While the exact list may vary depending on the type of loan you’re seeking and your individual circumstances, here’s a general overview of the documents required:

Borrower Information:

• Proof of identity: Government-issued photo ID, such as a driver’s license or passport.
• Proof of assets: Bank statements, investment statements, or other documentation that shows your financial strength.
• Personal financial statement: This document outlines your income, expenses, assets, and liabilities.
• Credit: if you have a copy of a credit repore i.e. credit karma or another recent pull this is helpful, but not required.

Loan Information:

• Loan application: This form will typically ask for information about the property you are purchasing or refinancing, the loan amount you are requesting, and your intended use of the funds.  See here. 

Property Information:

• Purchase agreement or payoff: This document outlines the terms of the sale or refinance of the property.
• Appraisal: South Elm Capital will need an appraisal of the property to determine its value and ensure that the loan amount is not exceeding the property’s value.  The costs and time fram vary based on location and type of loan.
• Title report: This document shows the legal ownership of the property and any liens or encumbrances on the title.

Additional Documents:

• Experience in real estate investing: If you have experience in real estate investing, South Elm Capital may want to see documentation of your past projects.  (a spreadsheet with such detail including owner name, address, date of purchase, purchase price, renovation costs, sales price is sold, rent received if rented)
• Exit strategy: This document outlines your plan for selling or refinancing the property after the loan term ends.
• Construction plans and budget: If you are using the loan for a fix-and-flip project, South Elm may require you to provide construction plans and a budget for the project.

Here are some additional tips for getting your documents ready for South Elm:

• Start early: The sooner you can gather your documents, the sooner the loan process can begin.
• Be organized: Keep your documents in a safe place and make copies of everything you submit to South Elm.
• Ask questions: If you are unsure about any of the documents required, be sure to contact South Elm for clarification.

Remember, this is just a general overview. For the most accurate and up-to-date information on the specific documents required for your loan with South Elm, it’s always best to contact them directly. They can provide you with a tailored list based on your individual situation and loan type.