BULK PORTFOLIO PURCHASE DIVISION
REAL ESTATE SOLUTIONS FROM RENTING TO INVESTING
1
CONTENTS
Investor Info./Profile Letter of Interest (LOI) Simple Proof of Funds Master Non-Circumvent & Non-disclosure (MNCND) Parties to Transaction Process & Timeline Notes Criteria Profile
PAGE 4-5 6 7-9 10-11 12 13 14-15
Please complete pages 4 through 11 and 14-15 if needed. You can best do this by typing in the form and then clicking on the EMAIL FORM button at the top right of the page. You can also type on the form print and fax it back. Whatever method works best for you is fine with us. You can also save the form on your computer after you have completed it. If you need any help or assistance, please call one of our staff. Our office line is 303.885.5646 or Toll Free at 866.225.9193. Choose option #8 to talk to a staff member, or choose option #7, then #2 to leave a message for our portfolio specialist. This PDF contains all the necessary documents to begin the process for bulk portfolio purchases, and illustrates the process and what the buyer can expect. 2
Contact Details
We have a division of Mile High Home Solutions that is dedicated to facilitating bulk portfolio purchases. The contact details and information for this exclusive division of our company are below: --------------------------------------------------------------BulkPortfolio.mhHomeSolutions.net BulkPortfolio@mhHomeSolutions.net Local # 303.885.5646 Choose Option #7, then option #2 or Toll Free # 866.225.9193 Choose Option #7, then option #2 Conference Room 303.997.2998 Code # 42023 BUSINESS FAX: 720.887.4124 5023 W. 120th Ave. #265 Broomfield, CO 80020 PLEASE DO NOT HESITATE TO CONTACT US
3
PRINT FORM
EMAIL FORM
Bulk Portfolio Profile
Name:_________________________________________ Date:____/____/______ Title:_______________________ Company:______________________________ Address:_______________________________ State:________ Zip:___________ Phone:________________________________
Cell Home Office
Email:____________________________________ FAX:____________________
Investment Property Criteria
● Type of property: Residential Commercial Industrial New Builds Resort Land/Pre/construction Multi-Family Unit ● Price Range: 10-50 Million 50-250 Million 250 to 1 Billion 1 Billion+ 2 Million+ 1-2 Million 500k – 1 million 250k-500k 25k-250k ● Rehab Extent: None(Move-in ready) Light(Heavy Clean-up only) Moderate(Paint/Carpet) Heavy(Remodel-Kitchen/Bath) Major(Structural) ● Property Specific Information: Bed_____ Bath_____ Square Feet__________ Lot Size__________ Type of Property______________________________ Price Point_______________ Area____________ County______________ Built in_________ Garage___________ Style____________ Zoned______
4
FORM: PG. 1 BPP 501 01/01/08
PRINT FORM
EMAIL FORM
PURCHASE STRATEGY: CONVENTIONAL PRIVATE/HARD MONEY CASH LINE OF CREDIT SWAP EXIT STRATEGY: BUY & HOLD/LEASE/SERVICE RE-SELL ● Typical Holding Period: Under 45 Days 45-90 Days Under 1 Year 1 Year + GEOGRAPHIC AREA: ALL WEST CENTRAL SOUTH NORTH EAST ● Preferred Area:_______________________________________________ IN THIS TRANSACTION YOU ARE THE: PRINCIPAL BUYERS AGENT
5
FORM: PG. 2 BPP 501 01/01/08
PRINT FORM
EMAIL FORM
Date: _______________________ This is a letter of interest for “________________________________”, is for the purpose of obtaining access to portfolios of liquidation that has the street value of approximate $______________________________and approximate purchase amount of $_________________, of discounted bank owned REO assets/package meeting the criteria below on behalf of the buyer listed above. This LOI supersedes any other LOI that the buyer may have with any other Intermediary/brokers in regards to this transaction. Actual Purchase Amount: Cumulative Total of BPO’s : Looking to spend: Discount Percentage: $________________________ (Discounted Value) $_______________________ (Retail Value) $ 0.______ cents on the dollar ____ ______ % of Broker Price Opinion (BPO)
Discount Percentage of BPO to be no more than:______________% Level of repair acceptable:_____________% of BPO value
1) That the assets are (underline preferred choice as stated above) 2) That the assets are located in the United States. 3) That the Seller shall grant Purchaser access for inspections and appraisals. 4) That at the closing there will be no liens or encumbrances. 5) That the listing for any multi unit asset is for the entire asset. 6) That a clear title commitment will be presented at closing. 7) That all terms and conditions in the purchase agreement will be mutually agreed to. 8) That the terms and details of this transaction will be considered propriety information. 9) That the Buyers purchase price is a percentage of the current BPO. 10) That the party presenting the package of assets has a signed and executed authorization letter from the owner of the assets verifying the pool can be offered by the offering party, and that one asset address is disclosed to verify concurrence with the authorizing entity and that authorization is disclosed.
Buyer Initials ________
6
FORM: PG. 3 BPP 501 01/01/08
PRINT FORM
EMAIL FORM
Purchase Capacity:
________________________________. asserts that using the following assets, it has the cumulative purchase capability of: $______________________________________.
1.
Cash Amount
Available amount from cash reserves: $___________ ________________ 2. Revolving Line of Credit
Available amount from Line of Credit: $____________________________
3.
Traditional Financing
Available amount from Traditional Financing: $______________________________
This Letter of Intent is only
valid for 30 days from the date it was signed.
This Letter of Intent is exclusive and confidential, therefore it shall not be distributed or shopped to any other intermediary/broker, but it is intended only for the broker authorized to broker the transaction.
Buyer Initials ________
7
FORM: PG. 4 BPP 501 01/01/08
PRINT FORM
EMAIL FORM
The signature of the buyer below states the above as true and factual and represents by the signature below that this LOI has been authorized and shall be active for the time frame as noted above from the date set forth below. Date:____________________________
Buyer’s signature: X___________________________________________________________ Name: _ ___________ ______________________________ Title ____________________________ _________________ Company: __________________________________________________
Address: _____________________________________________________________ _____________________________________________________________ Phone: ______________________________________________________ Email: _______________________________________________________
Buyer Initials ________
8
FORM: PG. 5 BPP 501 01/01/08
PRINT FORM
EMAIL FORM
“EXHIBIT A”
State/County Areas for REO Bulk Portfolio Purchase:
9
FORM: PG. 6 BPP 501 01/01/08
PRINT FORM
EMAIL FORM
MILE HIGH HOME SOLUTIONS, LLC 5023 W. 120th Ave. #265 Broomfield, CO 80020 303.339.0624 Direct, 720.887.4124 Fax, BulkPortfolio@mhHomeSolutions.net Licensed Colorado Real Estate Broker / Buyers Agent Non-Circumvention, Non-Disclosure and Confidentiality Agreement
THIS AGREEMENT entered into on this _______ day of______________, 2007 is for the Professional Association and arrangement of Non-Circumvention, Non-Disclosure and Confidentiality between SCOTT EARNEST OF MILE HIGH HOME SOLUTIONS, LLC whose office is at 1333 W. 120TH Ave. Suite # 308, Westminster, CO and ___________________________________________________________ whose principal place of business is at _____________________________________________________ ______________________________________________________ hereinafter, called the "The Parties."
TERM: The Parties with this agree to respect the integrity and tangible value of this agreement between them. THIS AGREEMENT is a perpetuating guarantee for three (3) years from the date of execution and is to be applied to any and all transactions present and future, of the introducing party, including subsequent follow-up, repeat, extended, renegotiated, and new transactions regardless of the success of the project; with the option to renew this agreement for a period of one year, with all provisions remaining intact as stated in this document. CONTACTS: Because of THIS AGREEMENT, the Parties involved in this transaction may learn from one another, or from principals, the names and telephone numbers of investors, borrowers, lenders, agents, brokers, banks, lending corporations, individuals and/or trusts, or buyers and sellers hereinafter called contacts. The Parties with this acknowledge, accept and agree that the identities of the contacts will be recognized by the other Party as exclusive and valuable contacts of the introducing Party and will remain so for the duration of this agreement CONFIDENTIALITY: The Parties agree to keep confidential the names of any contacts introduced or revealed to the other party, and that their firm, company, associates, corporations, joint ventures, partnerships, divisions, subsidiaries, employees, agents, heirs, assigns, designees, or consultants will not contact, deal with, negotiate or participate in any transactions with any of the contacts without first entering a written agreement with the Party who provided such contact unless that Party gives prior written permission. Such confidentiality will include any names, addresses, telephone, telex, facsimile numbers, and/or other pertinent information disclosed or revealed to either Party. NON-DISCLOSURE: The Parties agree not to disclose, reveal or make use of any information during discussion or observation regarding methods, concepts, ideas, product/services, or proposed new products or services, nor to do business with any of the revealed contacts without the written consent of the introducing party or parties. The Parties agree that due to the many variables surrounding each Business Financial Transaction that will occur because of this agreement, the commission to be paid and/or The fee structure between the Parties can vary. A separate fee/commission agreement will outline compensation for each Business/Financial Transaction. The fee or commission agreement must be drafted and acknowledged by signature before all Business/Financial Transactions. NON-CIRCUMVENTION: In case of circumvention, the Parties agree and guarantee that they will pay a legal monetary penalty that is equal to the commission or fee the circumvented Party should have realized in such transactions, by the person(s) engaged on the circumvention for each occurrence. If either party commences legal proceedings to interpret or enforce the terms of THIS AGREEMENT, the prevailing Party will be entitled to recover court costs and reasonable attorney fees.
FORM: PG. 7 BPP 501 01/01/08
10
PRINT FORM
EMAIL FORM
The parties will construe THIS AGREEMENT in accordance with the laws of the State of Colorado. If any provision of this agreement is found to be void by any court of competent jurisdiction, the remaining provisions will remain in force and effect. THIS AGREEMENT contains the entire understanding between the Parties and any waiver, amendment or modification to THIS AGREEMENT will be subject to the above conditions and must be attached hereto. Upon execution of THIS AGREEMENT by signature below, the Parties agree that any individual, firm company, associates, corporations, joint ventures, partnerships, divisions, subsidiaries, employees, agents, heirs, assigns, designees or consultants of which the signee is an agent, officer, heir, successor, assign or designee is bound by the terms of THIS AGREEMENT. A facsimile copy of this Non-Circumvention, Non-Disclosure and Confidentiality Agreement shall constitute a legal and binding instrument. By setting forth my hand below I warrant that I have complete authority to enter into THIS AGREEMENT.
LEGALLY ACCEPTABLE VIA FAX: Dated: ___________________________ AGREED AND ACCEPTED:
X_______________________________ Scott Earnest Mile High Home Solutions, LLC Broker
th 5023 W. 120 Ave. #265 Broomfield, CO 80020 Direct: 303.339.0624 Office: 303.885.5646 x501 FAX: 720.887.4124 BulkPortfolio@mhHomeSolutions.net BulkPortfolio.mhHomeSolutions.net
X_____________________________________ Printed Name X_____________________________________ Signature Date:_____________________ Required: Company Name:_________________________ Address:_______________________________ ______________________________________ City State ZIP
Phone Contact________________________ FAX:_______________________________ Email:__________________________________________ Web address:_____________________________________
FORM: PG. 8 BPP 501 01/01/08
11
PRINT FORM
EMAIL FORM
INTERESTED PARTIES TO THE TRANSACTION
Institution (s) currently on title Compiler/Facilitator Broker working with compiler Buyer’s Agent Principle to be on title
Mile High Home Solutions, LLC ~5023 W 120th Ave #265 ~Broomfield, CO 80020 ~303 885 5646 office ~720 887 4124 fax~BulkPortfolio@mhHomeSolutions.net
12
FORM: PG.9 BPP 501 01/01/08
BULK PORTFOLIO PURCHASE TIMELINE
Days 1-5
Days 5-12
Days 12-15
Days 15-18
Days 18-28
Days 28-32
Complete: -MNCND -Profile -LOI -Simple POF -Schedule Conference Call -Establish Fee Agreements
Facilitator Receives Documents, Conference Call is Held, Facilitator Compiles Portfolio Per Buyers Instructions.
Buyer issues POF for verification from lawyer or bank ONLY
Buyer receives portfolio for initial review before deposit is issued
Buyer makes soft deposit 10-20% and has a review period before deposit goes hard
Buyer closes transaction
~ Mile High Home Solutions, LLC ~ 5023 W 120th Ave #265 ~ Broomfield, CO 80020 ~ 303 885 5646 office ~ 720 887 4124 fax ~ BulkPortfolio@mhHomeSolutions.net ~
13
Notes Criteria Profile
1. How much would you like to purchase? _________________________________________ 2. Please specify type of Notes you’re interested in (Performing, Sub-, or NonPerforming): __________________________________________________________________ 3. Please specify property type (SFR, Condo, Townhouse, PUD, 2-4): ___________________ a. Will you purchase all these property types? ____________________________________ b. Would you place a % limit on any in a pool? ___________________________________ 4. Lien Position: 1st or 2nd liens? ________________________________________________ 5. What quality are you looking for? FNMA/FHLMC? Jumbo Conduit? a. Portfolio quality? Alt-A? Sub-Prime? ________________________________________ 6. Will you buy loans that have been delinquent in the past? __________________________ 7. What is your yield requirement? ______________________________________________ a. Spread to the curve? ______________________________________________________ b. Spread to agencies? ______________________________________________________ 8. Conventional or FHA/VA? __________________________________________________ 9. Fixed rate or ARM? If ARM, preferred index, margin, caps, 1/1, 3/1, 5/1, 2/28, pay option? __________________________________________________________________ 10. Servicing retained or released? ________________________________________________ 11. Minimum FICO score? ______________________________________________________ 12. Maximum term? 15 yrs, 30 yrs, 40 yrs _________________________________________ 13. Occupancy? _______ %
14
14. Documentation (Will you buy NINA, SISA, Limited, Full?): ________________________ 15. Preferred LTV: _______________________________ a. Maximum LTV you will buy: _______________________________________________ b. Do loans over 80% need MI?: ______________________________________________ 16. Preferred Geographical Location(s): ___________________________________________ 17. Are there any states or areas of the country you won’t buy? If so, please list these areas: __________________________________________________________________ __________________________________________________________________
15