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| Are you applying
for a commercial real estate loan?
Would you like to have your commercial loan or
apartment loan flow smoothly
and close in a timely manner?
Well of course you
would, after all who wouldn't. The problem is
that most borrowers aren't sure how to make this
happen.
The easiest way,
and completely within your control, to ensure a
quick, easy, and accurate closing, is through
preparation.
In commercial
lending, preparation means knowing what an
commercial real estate loan underwriter is looking for, and providing it,
before they ask.
CommercialBanc's
commercial mortgage borrower checklist will help
with your preparation. The following is a list
of items that you will need to prepare and make
available to the commercial lender the day you
apply, or as soon as possible thereafter: |
Commercial
Mortgage Loans General Documentation
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3 most recent years tax returns - both
personal and business -
Extensions for any filings - if
applicable -
3 months most recent bank statements -
both personal and business -
Personal financial statements - updated
within last 60 days -
Year-to-date business operating
statements - if applicable -
Year end business operating statements
if business tax returns are on extension
Personal resume - required for
investment properties if self managed -
Property management resume, or letter of
credentials,
if property is professionally managed
Letter of explanation for any derogatory credit, including: slow pays,
charge-offs, liens, judgments, child
support, etc.
Schedule of real estate holdings -
include purchase date, purchase price, and
current mortgage amount
Subject property rent roll - if not 100%
owner occupied - if property is owner
occupied and held in a different entity,
i.e. LLC, and leased back to the business,
then rent roll and copy of the lease must be
provided
Subject property leases - see above for
owner occupied property
Subject property
income and expense statements, including year
end and
year-to-date
For investment property with single or
anchor tenant, include tenant financial
statements
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Valid purchase contract - including any
amendments -
Selling agent or individual contact
information
Verification of escrows
If seller is holding a subordinate
position, include terms of the note
Property insurance information
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Payoff information, including: mortgagor
or service provider contact information,
payoff statement, and payment history
Title policy
Survey
Property insurance information
If there is subordinate financing on the
property, you must provide a subordination
agreement
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If you have any
questions, please call CommercialBanc at
1-866-706-BANC and one of our commercial
mortgage professionals will help you. |
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This article
is protected under the copyright laws of the United
States (title
17 U.S. Code).
Any unauthorized use is strictly prohibited. If you
would like to reprint this article for use on a
commercial website, please
contact CommercialBanc for more information. |
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