What Loan Applicants Need To Know
EquiFund provides interest-free loans for individuals purchasing a property through EquiShares Real Estate. Loans are repayable in up to 20 equal monthly installments, beginning one month after the loan is received. A promissory note and two co-signers are required for all loans.
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PROMISSORY NOTE INFORMATION
The promissory note is the legal document stating the agreement between you as the applicant and the EquiFund. It describes the conditions of the agreement.
You (and your spouse if you are married) must sign the promissory note before receiving a check.
CO-SIGNER INFORMATION
Two co-signers are required for all loans. If a co-signer is married, his or her spouse must also sign the promissory note. A married co-signer and his or her spouse are together considered one co-signer.
Each co-signer is “jointly” and “severally” liable for the loan in the event you are unable to pay for any reason. While the EquiFund would expect each co-signer to share equally in the responsibility of repaying the loan, each is liable legally for the full amount, and any one co-signer could be called upon to repay the balance due. (Please note that a co-signer cannot be a borrower while there is an outstanding balance on the loan guaranteed.)
WHO MAY CO-SIGN
Co-signers must be employed persons living, working, and banking in the five boroughs, Westchester, or Long Island. The family income of each co-signer (i.e., the aggregate income of the co-signer and his or her spouse, if any) should be at least $30,000 a year. The EquiFund prefers persons who have worked a minimum of one year in their present position. Co-signers must also have a checking account and have good credit. Previous EquiFund loan recipients may co-sign only if they have repaid their loan in full and on time.
WHO MAY NOT CO-SIGN
- Persons living in the same household as the borrower may not co-sign.
- Persons who currently have a loan with EquiFund may not co-sign.
- Persons who are co-signers on existing loans may not co-sign.
- Persons on a fixed, limited income (such as Social Security may not co-sign).
CO-SIGNER INFORMATION PORTION OF APPLICATION FORM
In addition to signing the promissory note, each co-signer and his/her spouse, if any, must complete and sing the “Co-Signer Information” portion of the Loan Application form. EquiFund reserves the right to call co-signers to verify the information.
THE LOAN APPLICATION PROCESS
Please call our office to set up an in-person interview once you have located appropriate co-signers. Bring the loan application form with you to your interview, with the “Borrower Information” portion already signed by your spouse, if you are married, and the “Co-signer Statement” portion filled in and signed by your co-signers. Failure to bring the completed application, signed by the people described above, to the interview will delay the processing of your application.
The loan committee reviews and decides on loan applications monthly. You will receive a letter within two weeks of your interview advising you whether has been approved. If your loan is approved, you may complete the loan process either in person at our Cedarhurst office, or by mail. You may make your monthly loan payments either by post-dated checks deposited with us at the time you receive your loan.
The loan committee, at its discretion, may decline to make a loan, make a loan in an amount less than that requested, or require different or more co-signers.
REQUIRED DOCUMENTATION
Please bring the following with you to your scheduled interview:
- Application form, with the “Borrower Information” portion signed by your spouse if you are married, and “Co-signer Information” portion filled out and signed by your co-signers and their spouses, if any.
- From each co-signer (and spouse) and from your spouse:
(i) a copy (both front and back) of a cancelled personal check; or (ii) a check image; or (iii) a copy of a current bank statement plus a copy of government issued photo ID such as a driver’s license or U.S. passport.
(A cancelled check is one which was issued, cashed, processed by issuer’s bank, and returned to the issuer with the bank’s monthly statement.)
- Some form of government issued photo ID for you (e.g. Driver’s license or US passport).
- Our voided check.
