Local Loan Company

Where YOUR money works FOR you!

Home

Invest in First Mortgages

Investor Qualification

INVEST in High Yield CDs!

New Account Questionnaire

New Account Application

Request Information Pack

Mortgage Glossary

Privacy Policy

Programs

Broker Submission Form

Contact Local Loan

New Account Application
Scroll down ↓ for a printable copy of this form


Local Loan Company - New Account Application
When completed:

Email to:

vincekane@alocalloan.com

Mail to: 125 NW 114th Ave. #2

Portland, OR USA 97229-6125

If you have questions call: 503-643-5000


A.

Purpose

     ____ Open New Account        ____ Update Existing Account Information

B.  Account Information
    
     Name_______________________________________ SSN/Tax ID#_____________________ Birth Date__________

             _______________________________________ SSN/Tax ID#_____________________ Birth Date__________

     Address_______________________________________ Home Number_____________________________________
                             
                _______________________________________ Business Phone____________________________________

                _______________________________________ Cell Phone________________________________________

     Email_______________________________________________________

     Account Type   ____ Individual    ____JTW/RS    ____IRA    ____Custodian for minor    Other__________________

     Name of Employer ______________________________ Years employed____ Position ________________________

     Type of Business ___________________ Employer Address______________________________________________

     Spouse Employer _______________________________ Years employed____ Position ________________________  

     Type of Business ___________________ Employer Address______________________________________________

C.  Suitability Information

We must determine that each mortgage paper securities investment is suitable for you.  Your accurate, complete responses
to the information requested below will help us meet this obligation and provide you better service.

     Gross Income (includes Spouse)

          ___$0 - $49,999    ___$50,000 - $99,999    ___$100,000 - $199,999    ___$200,000 - $299,999    ___$300,000+

     Net Worth (exclude home, furnishings, autos)

          ___$0 - $74,999   ___$75,000 - $149,000   ___$150,000 - $299,999   ___$300,000 - $499,999   
          
          ___$500,000 - $999,999   ___over $1,000,000

     Investment Objectives

          ___Liquidity  ___Deferral of taxes  ___Regular income with safety  ___Regular income with some risk

          ___Long-term growth - safety important  ___Long-term growth - will accept some risk to meet investment objective

          ___Speculative capital gains - a greater degree of risk may be tolerated

     Significant Anticipated Changes

         ___None   ___Retirment   ___Divorce, separation   ___Medical expenses   ___Education expenses

         ___Sale of major asset    Other_______________________________________________________

     Current Income Requirements

         ___High current income is important

         ___Moderate Current income is required

         ___Current income is not importand. Focus on "total return" on my holdings.
 
     Investment Horizon - (when invested funds needed)

        ___Short-term (1 - 4 years)    ___Itermediate (4 - 9 years)   ___Long-term (10 + years)

     Business and Investment Experience - indicate if you have considerable knowledge or experience in:

         ___Investing in deeds of trust or other mortgage paper

         ___Real estate appraising

         ___Ownerhsip or operation of real estate investments

         ___Mortgage Lending

         ___Management of any business entity

         ___Practice of real estate or mortgage law

         ___Public accounting for mortgage lenders

         ___Other____________________________________________

     Years of Investment Experience

         ___Less than 1    ___1-2    ___2-5    ___5-10    ___10-20    ___20+

     Tax Bracket

         Federal:                                                      Alternative Minimum:

     Types of Property Most Comfortable Investing In

         ___Residential    ___Commerical, income-producing    ___Unimproved

     Types of Borrowers Most Comfortable Lending To

         ___Good credit scores are important.

         ___Moderate credit scores are required.

         ___High borrower net worth is important.
   
         ___Moderate borrower net worth is required.

         ___Credit score and net worth not important - focus on property value.

     Tolerance for Default 
     (indicate your tolerance for not receiving the monthly payments on your investment in the event of default)

         ___Low - I rely on monthly payments, do not seek to own property, and wish to avoid contributing additional funds to
                       sell a property.

         ___Medium - I can tolerate 1-2 years of non-payment on some loans and am willing to contribute additional funds if
                       needed to sell properties.

         ___High - I can tolerate several years of non-payment on several properties and am willing to contribute additional
                       funds if needed to sell properties.

D.  Residency


     FOR INDIVIDUALS:                                                                                                                 
     1.  Where is state of principal residence?  _______________________________                                                               
     
     2.  Is your driver's license issued in your state of principal residence?      ___ yes     ___ no         

     3.  Are you registered to vote in your state of principal residence?           ___ yes     ___ no

     FOR BUSINESS ORGANIZATIONS:                                                                                        Yes      No
     1.  Was the business formed in the past year?                                                                        ___     ___
 
     2.  Does the business have significant activities other than investing in these securities?             ___     ___

     3.  Are all beneficial owners residents of Washington?                                                              ___     ___

E.  Notice of Investment Risks 

     Investing in mortgage paper securities involves a high degree of risk.  These risks include:

     *  No trading market exists for these securities and none is anticipated to develop.  Investors should be
        prepared to hold their investments for an indefinite period of time.

     *  Many borrowers will default on their obligations to repay their loans. In this situation, investors will not
        receive the periodic repayments and may need to foreclose upon and resll the property to recover
        investment funds. Owning the property may expose investors to risks and reselling the property may 
        require investors to contribute additional funds to make the property saleable or maximize resale value.

THERE ARE OTHER RISKS. INVESTORS SHOULD BE CAREFULLY CONSIDER ALL OF THE RISKS SET FORTH
IN THE OFFERING MATERIALS AND ONLY INVEST IF FINANCIALLY CAPABLE OF ASSUMING THESE RISKS.

F.  Signature

     I understand that the company will rely on the accuracy and completeness of my responses to the questions above, and my answers are complete and correct to the best of my knowledge and belief.  I will notify the Company of any material chanes prior to any purchase of mortgage paper securities.

___________________________________________   __________________________________________________
  Signature                                        Date                 Spouse Signature (if applicable)                     Date

___________________________________________   __________________________________________________
  For Business Entity Name (if applicable)               Print Signatory Name, Title (if applicable)

    


Document
Click here to download printable application