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: [email protected] [email protected] 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
Jake & Gino: Real Estate Investing & Multifamily · Jake and Gino
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Show Notes
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:
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
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About Jake & Gino: Jake & Gino are multifamily investors, operators, and owners who have created a vertically integrated real estate company. They control over $350M in assets under management. Connect with Jake & Gino here --> https://jakeandgino.com.
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