Business Purpose Application

Borrower Information

Property Information

The information contained in this statement is provided for the purpose of obtaining or maintaining credit with Lender, on behalf of the undersigned, or persons, firms or corporations in whose behalf the undersigned may either severally or jointly with others execute a guaranty in Lender’s favor. Each undersigned understands that you are relying on the information provided herein (including the designation made as to the ownership of property) in deciding to grant or continue credit. Each undersigned represents and warrants that the information provided is true and complete and that you may consider this statement as continuing to be true and correct until a written notice of a change is given to you by the undersigned. You are authorized to make all inquiries you deem necessary to verify the accuracy of the statements made herein and to determine my/our credit worthiness, including, but not limited to, credit bureau reports, public records checks, and any other background check deemed necessary. You are authorized to answer questions about our credit experience with me (us). Furthermore, each of the undersigned specifically represents to Lender and to Lender’s actual or potential agents, brokers, processors, attorneys, insurers, servicers, successors and assigns and agrees and acknowledge that: (1) the information provided in this application is true and correct as of the date set forth opposite my signature and that any intentional or negligent misrepresentation of this information contained in this application may result in civil liability, including monetary damages, to any person who may suffer any loss due to reliance upon any misrepresentation that I have made on this application, and/or in criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Sec. 1001, et seq.; (2) the loan requested pursuant to this application (the “Loan”) will be secured by a mortgage or deed of trust on the property described in this application; (3) the property will not be used for any illegal or prohibited purpose or use; (4) all statements made in this application are made for the purpose of obtaining a loan on a residential property for business purposes only; (5) the property will be NOT be occupied as has been indicated in this application; (6) the Lender, its servicers, successors or assigns may retain the original and/or an electronic record of this application, whether or not the Loan is approved; (7) the Lender and its agents, brokers, insurers, servicers, successors, and assigns may continuously rely on the information contained in the application, and I am obligated to amend and/or supplement the information provided in this application if any of the material facts that I have represented herein should change prior to closing of the Loan; (8) in the event that my payments on the Loan become delinquent, the Lender, its servicers, successors or assigns may, in addition to any other rights and remedies that it may have relating to such delinquency, report my name and account information to one or more reporting agencies; (9) ownership of the Loan and/or administration of the Loan account may be transferred with such notice as may be required by law; and (10) neither Lender nor its agents, brokers, insurers, servicers, successors or assigns has made any representation or warranty, express or implied, to me regarding the property or the condition or value of the property. Acknowledgement. Each of the undersigned hereby acknowledges that any owner of the Loan, its servicers, successors and assigns, may verify or re-verify any information contained in this application or obtain any information or data relating to the Loan, for any legitimate business purpose through any source, including a source named in this application or a credit reporting agency. I warrant and represent that the subject property for which I (we) am (are) applying for this loan is not my (our) primary residence and that I (we) do not intend to occupy this property as our primary residence. If you occupy this property as your primary residence or intend to occupy this property as your primary residence, DO NOT sign this form.

I/We represent and warrant that the information provided in this credit application is complete, accurate and true. Each individual signing below also requests and authorizes any lenders or funding source which may be utilized (collectively referred to as “lenders”) to obtain information from the references listed in this credit application and obtain commercial and/or consumer credit histories that will be ongoing and relate not only to the evaluation of the business credit requested, but also for purposes of reviewing the account, increasing the credit line on the account (if applicable), taking collection action on the account, and for any other legitimate purpose associated with the account as may be needed. A facsimile, electronic or other copy of this signed authorization shall be as valid as the original.

At HIS Capital Funding Inc. (“HIS”), we are committed to providing a quality mortgage loan experience that is efficient, effective and tailored to your situation. To that end, please review this document to understand your rights and express your preference for how you would like HIS to process your mortgage loan application.

Before HIS can consider your request for financing, an appraisal or a broker’s price opinion (BPO) of the property must be conducted by an appraiser or licensed broker.

You Will Have to Pay for the BPO/Appraisal. HIS uses approved preferred vendors that vary from time to time and you can pay via check or credit card. The BPO/appraisal fee that you pay to the service provider is nonrefundable. The collection of the BPO/appraisal fee does not guarantee a loan approval and is not a commitment to lend. You must pay for the BPO/appraisal regardless of whether you dispute the report or the resulting property valuation.

If you are using your credit card to pay for the BPO/appraisal, by printing and signing your name(s) below you are acknowledging that you have provided, or will provide, necessary credit card information to HIS to cover costs related to the BPO/Appraisal of real property associated with a refinance or purchase transaction. You are also acknowledging that there may be ancillary costs above and beyond the required primary valuation product. These may include but not be limited to: a re-inspection of the property or supporting addendum documentation.

On Purchase Transactions, HIS or appraiser will contact the seller to arrange access to the property.

On Refinance transactions, HIS or appraiser will contact you to arrange access to the property, please call back as soon as possible. The sooner they hear back from you, the sooner they can begin the appraisal process. Any delay in doing so can slow down the approval of your loan, delay your loan closing, and put your transaction in jeopardy.

According to federal law, you are entitled to promptly receive a copy of any BPO/appraisal report or valuation concerning the property subject to your mortgage loan application. You will be charged for the actual cost of the BPO/appraisal before closing your mortgage, but we will credit the cost of the BPO/appraisal towards your lender fees at the closing of your mortgage loan.

By signing below, Borrower waives the three (3) business day advance delivery of a BPO/appraisal and/or valuation report concerning the subject property, and further agrees that HIS will timely provide Borrower with a copy of the BPO/appraisal and/or valuation report via electronic mail at the following E-mail address:

I understand that I have the right to receive a copy of the BPO/appraisal reports obtained in connection with my loan application three or more business days prior to my loan closing, This Agreement and the signature pages hereto may be executed in one or more counterparts, each of which shall be binding on the parties and all of which shall constitute a single agreement. I accept the Terms and Conditions.

I am exercising my right to waive the 3-business day review period prior to closing,

I understand that, regardless of whether I sign this waiver, I will receive a copy of the appraisal reports at or before closing.

(“Borrower”) certify and represent to Lender (“Originator”) as follows:

I have applied to Originator for a mortgage, deed of trust or other security instrument secured by the real property located at:  (the “Property”) for investment purposes. I (“Borrower”) hereby declare that neither I nor any member of the borrowing entity are currently utilizing the property as a principal residence. Additionally, I declare that neither I nor any member of the borrowing entity are currently utilizing the property as a second home.

I (“Borrower”) understand and represent that I understand the difference between a consumer loan for personal purposes and a commercial loan for business purposes. Borrower represents and understands that this loan is not a consumer loan and therefore may not be subject to the various laws relating to consumer loans in the various states or federal laws. I declare that all loan proceeds are for investment/business purpose, and no loan proceeds are for consumer, family, and/ or household purposes.

​

The lender, broker, assignees, and successors may rely upon this information. I declare under penalty of perjury the foregoing is true and correct.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal Agency that administers compliance with this law concerning this company is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC 20580.

We are required to disclose to you that you need not disclose income from alimony, child support or separate maintenance payments if you choose not to do so. Having made this disclosure to you, we are permitted to inquire if any of the income shown on your application is derived from such a source and to consider the likelihood of consistent payment as we do with any income on which you are relying to qualify for the loan for which you are applying.