Will Coleman and Mike Taravella discuss personal financial statements.
Key Information:
- A personal financial statement or PFS is an account of an individual’s personal assets and liabilities.
- Personal financial statement’s are used by lenders to evaluate whether a borrower has the net worth and liquidity to pay back a loan in the event that they were to default on their payments.
- A majority of lenders will require your net worth to be equal to or greater than the loan amount and for your liquidity to be enough to cover 9-12 months of debt service payments post closing.
Read further: https://randcre.com/rcre-understanding-your-personal-financial-statement/
Expert Pro Tip: “Check out our resources to help you fill out your PFS!”
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