The Prequalified Buyer™ evaluation and designation provides Aspiring Innkeepers a credible way to quantify how much purchasing power they really have as it relates to identifying hospitality properties that best fit their financial qualifications and professional/personal objectives.
A Prequalified Buyer™ designation identifies a person or persons as having submitted, the required proofs and documentation for verification and analysis; prior to identifying or contracting to purchase a specific hospitality property. Prequalified Buyer™ designation, confirms that all parties to an acquisition who will have an interest greater than 20% complete an application including, identification i.e. Driver License/s,
Financial Statement/s, Account Statements, Credit Authorization, Personal Debt Schedule, three (3) most recent years Federal Tax Returns, Pay Stubs for Current Year, and Resumes for all partners.
The Prequalified Buyer’s purchasing power and limitations are determined prior to a financial data request from the seller. Realtors and sellers alike are more receptive to investing time with a Prequalified Buyer™, because their qualifications and assets have been independently verified. A Prequalified Buyer™ negotiates with confidence knowing they have the capacity to consummate a transaction.
Prequalification Check List
List of items required to begin the Buyer Prequalification Certification Process:
- Commercial Loan Application
- Borrower’s Financial Statement/s
- Verifiable Proof of Assets to be applied to down payment and reserves i.e.
- Checking Account/s
- Savings and Investment Statements
- 401k/IRA Statement/s
- Three (3) Years Borrower’s Personal Tax Returns
- Resumes for all Principals
- Borrower’s credit report/s with credit scores for all three (3) bureaus
- Proof of Identity
- Valid passport OR
- Driver License (Both Sides)