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