Meet Lane Aldrich, FIG's Preferred LenderMar 08, 2021
My name is Lane Aldrich and I was brought on as a partner with the Fourplex Investment Group (FIG) in 2015 to oversee their investor-facing financing. I would like to introduce myself on here and give you some background about my experience in the industry, and let you know what my role is as part of the FIG pre-approval/financing process.
My role is crucial for the individuals who are not paying cash for their units and need to secure financing for the construction loan and their permanent financing once the property is done.
During the last 6+ years, I've overseen the financing for about $600 million worth of residential multifamily. My office does just as much (if not more) than anyone in the country when it comes to financing new construction 2-4 unit properties (fourplexes, duplexes, and triplexes).
I've been through every situation—working with investors purchasing an investment property for the first time, individuals who have purchased fourplexes with FIG 8-10 times... I've worked with investors whose net operating income on their properties is $500 a month all the way up to one investor that I've worked with who's gross income from FIG properties is going to break a million dollars a year, this year. Something he's very excited about.
Whatever your situation is... I've seen it
Whatever your situation is, whether you're self-employed or a W-2 employee, if you want to know if you qualify, I promise you we've seen it. I can be a great asset to you in determining whether you're able to purchase with FIG or not.
Our office is headquartered in Provo, Utah. I've got a great team that works with me in reviewing investor financials and working with the FIG pre-approval process. Our relationship will be instrumental to you in making sure you solidify construction loans and in making sure that we've got a great path for you to secure a long-term loan once the property is completed.
If you make it out this way to visit with FIG and meet their sales team, be sure to come see me as well. I'd love to meet you in person.
After you've had a conversation with a FIG sales agent, are familiar with the project, and have looked over the proforma, I'll get you started on the pre-approval process.
One thing to keep in mind: we are going to require some financial documentation. FIG investors are all over the country and a lot of you are also out of the country. I have a secure online application for you to fill out, as well as an encrypted portal for you to upload the financials needed (standard documentation will include 2 years of tax returns).
For your personal taxes, if self-employed, we'll need the business tax returns as well. If you are a W-2 earner, we get W-2s for the last two years and a most recent pay stub. We will also need asset documentation to show you have sufficient downpayment funds in an account that's in your name and can be liquidated. We'll also need a copy of your driver's license/ID.
When you get to that point, and you're ready to take the next step with FIG and get working on the financing pre-approval process, have those items ready.
That's essentially how the pre-approval process works and what those initial steps are. We have other videos on here that will give you information on how the construction loan works, how interest accrues over the life of the construction loan, what to do if you're self-employed, etc.
Contacting Lane Aldrich
I'm looking forward to speaking with you if you go under contract with the Fourplex Investment Group. My office and team can be a great resource to you as you look to expand your build-to-rent portfolio and utilize the FIG process.
The best way to reach me is by sending an email to [email protected] or by calling me at my office phone: (801)226-7456