The full version does not include borrower underwriting. It only collects credit score, net worth and BK history. This is sufficient for what the program is designed for. Unlike the residential programs (LP and DO), this program does not issue approvals, it only identifies recommended lenders.
Hope that helps.
PS: I realized something after my earlier response. RealData is primarily forward looking, where as LendingApps focuses on historic data and uses that to calculate income and expenses post-closing. Unless it’s a special situation, like new construction, start-up or turn-around, lenders in general don’t like to rely on future projects. They want to see that the numbers work now.
I looked at LendingApps and RealData and concluded that RealData was great for investors, and that LendingApps was great for lenders and loan originators.
RealData crunches a lot of numbers and projects them 20 years in the future. Under normal circumstances lenders are not interested in those numbers. Rule #1, don’t give lenders more than they need.
LendingApps strength is in its linkage to the underwriting guidelines of 60+ national, regional and local lenders, and the ability to upload your files to them electronically, since they have the corresponding software. If you don’t need help placing your loans, then this could be overkill. In that case I might opt for the less expensive RealData for its analytic capabilities, but reformat the information onto my own reports
Found this thread while looking for a solution to my financing issue.
Looking for 95% financing on purchase of $1,200,000 (18 unit apartment bldg in NYC). Remaining cash ($60,000), closing costs ($40,000) and renovation ($50,000) will be put up by me.