This will summarize the different property types that are available.
Non-Construction
In a non-construction or minor rehab construction scenario, GoDocs recommends using these products in the following scenarios. Please note this is dependent on the collateral type and not the amount of the collateral type (e.g. If the collateral is 5 single-family homes, this would still be InvestorDocs). The disclosures included for InvestorDocs packages are to ensure the compliance of the business-purpose/residential aspects of 1-4 business-purpose use loans, which would not be required for multi-family loans (ApartmentDocs).
- CommercialDocs- Office, retail, mixed-use, self-storage etc.
- ApartmentDocs - 5+* (business purpose) residential units, Multifamily, assisted living, mobile home park, etc.
- InvestorDocs- Under 5* residential units or single family (for business purposes)
- *state specific as some states allow under 7+ units (e.g. New York state)
User Interface
Construction
In a construction scenario, the user will follow the same logic as Non-Construction, but would denote Construction via the "Loan Type" section. GoDocs recommends using these products in the following scenarios:
- CommercialDocs - Office, retail, mixed-use, self-storage etc.
- ApartmentDocs - 5+* (business purpose) residential units, Multifamily, assisted living, mobile home park, etc.
- InvestorDocs- Under 5* residential units or single family (for business purposes)
- *state specific as some states allow under 7+ units (e.g. New York state)
- If the lender/investor is intending to hold the asset (e.g. a Single Family home) to rent it, GoDocs recommends using InvestorDocs.
- If the lender/investor is intending to sell the asset (e.g. a Single Family home) post-construction term, GoDocs recommends using CommercialDocs.
