Multifamily Broker Application

Application Process

Thank you for choosing Fresno First Bank as your lender. Below you will find all the forms and information you need to be an approved Broker with Fresno First Bank.

Please complete all forms and provide the following.

  • A copy of the Broker’s license to do business in the state of California
  • Resumes of the Broker and any other key principals of the Broker’s business.

Once you have provided the forms and documents required you will receive a Broker Agreement. Please sign, date and email to Veronica Carrera vcarrera@fresnofirstbank.com & Karen Kim kkim@fresnofirstbank.com. Once we have received a complete package we will review and contact you if we have any questions.

FAQs

How does the borrower application process work?

Once a Letter of Interest is executed and received in our office along with the deposit funds (wire or check, found on page 2 of Letter of Interest), engaging an appraisal will commence, all upfront due diligence will be done (OFAC, Geo code, flood cert, credit, environmental screening, etc.) then the loan application will be reviewed for completeness. Notice of Incomplete Application/Needs Letter will be sent to the broker upon receipt of initial application. Once all pertinent documentation is received, the loan will be dropped into the underwriting queue for complete underwriting of the file while awaiting appraisal report. We anticipate the loan process from beginning to credit decision to be around 30-45 days from time of complete application.

 What information is required for an application?

Broker Forms (signed and dated)

  • Loan Submission Form (FFB Form)
  • Third Party Form (FFB Form)
  • Letter of Interest
  • Credit Authorization

Property Information

  • Rent Roll (FFB Form)
  • Operating History (FFB Form)
  • Lease Agreement (if applicable)
  • Escrow Instructions/Initial Deposit (if Applicable)
  • Current (within 30 days of application) Preliminary Title Report – Hyperlinked
  • Purchase Contract/Disclosures/Reports
  • Environmental Questionnaire (FFB Form)/
  • Other Reports e.g.: Termite/Roof/Seismic/Etc.

Borrower/Guarantor Information – Fully Completed

  • Personal Financial Statement (FFB Form)
  • Demographic Information (FFB Form)
  • CIP (FFB Form)
  • Schedule of Real Estate Owned (FFB Form)
  • Verification of Mortgage – Subject property on Refinance & Primary Residence (if not on credit Report)
  • Verification of Deposit/Bank Statement(s)/Stock Portfolio Statement(s) (most recent two consecutive months)
  • Paystub(s) 30 consecutive days
  • W-2’s/ 1099/ SSN Award Letter/ Pension Statement
  • Profit & Loss Statement/ Income & Expense Statement
  • SS-4
  • IRS 4506-T
  • Two most current years Tax Returns including all K-1’s
  • Other pertinent documentation e.g.: Divorce Decree/Alimony/Child Support

Trust

  • Trust Certification (executed by all Trustees) (FFB Form)
  • Excerpts / Page reflecting (a.) Name of Trust (b.) signature page
  • CIP (FFB Form)

Limited Liability Company

  • Financial Statement
  • Tax Returns for most recent two years
  • CIP (FFB Form)
  • Operating Agreement
  • State Filings (LLC-1, LLC-12, (LLC-2 – if applicable)
  • LLC-5 (out of State LLC’s only)

Corporation

  • Financial Statement
  • Tax Returns for most recent two years
  • CIP (FFB Form)
  • Articles of Incorporation
  • Corporate By-laws
  • Corporate Resolution to Borrow

Partnership (General or Limited)

  • Financial Statement
  • Tax Returns for most recent two years
  • CIP (FFB Form)
  • Partnership Agreement
  • LP-1 and LP-12 Filed with Secretary of State (LP-2 – if applicable)
  • LP-5 (for out of State Partnerships only)
  • General Partners – GP-1 Certificate Copy (Partnership Authority) if applicable

Where do I find Frenso First Bank’s required forms?

Please refer to our website

Do we have to use Frenso First Bank’s forms for property and borrower information?

If forms utilized by the broker contains all the information required, Fresno First Bank will allow the use of their forms that are signed and dated. Upon review, Fresno First Bank may require use of our forms if the forms provided do not include sufficient information.

Do allow use of DocuSign for Frenso First Bank Forms?

Yes, however you also submit DocuSign Certificate, which certifies the applicant’s signature.

What is required to engage an appraisal?

FFB must receive the signed LOI and deposit. FFB utilizes a third party appraisal management company, for which we must have Operating History, Rent Roll, Purchase and Sale Agreement if applicable, and contact information so that the appraiser knows who to contact for property inspection.

What is timing process of appraisal?

Once all required information listed above is received, the bidding process takes approximately three business days. Appraisals, including review tend to takes four weeks or so after appraisal in engaged

Approval timing?

Depending on pipeline, approval typically takes one to two weeks after a complete application is received. Larger transactions, north of $7MM may take longer as additional approvals are required.

Documentation timing?

Once approval is communicated, documents are generally available within 72 hours. This time frame may be longer depending on documentation pipeline.

Where are insurance requirements located?

Insurance requirements are provided once the loan is approved via Loan Commitment Letter.

What is the Loss Payee information?

Fresno First Bank, ISAOA

7690 N Palm Avenue, Ste #101

Fresno CA 93711

Does Fresno First Bank require original documents in order to fund?

Fresno First Bank will fund based on receipt of electronic copies of documents sent by Escrow. Escrow must also provide tracking number of document package before funds will be released.

 

Where are signed loan documents to be sent after signing?

Signed loan documents are to be sent via overnight mail to:

Fresno First Bank

Note Department

7690 N Palm Ave

Fresno CA 93711