Commercial Lending Needs list

To alleviate some confusion I thought I'd post what is needed in most cases for applying for a Commercial mortgage. Hope this helps!

Although all Commercial property types differ in required documentation, this short list should help you with what will be required at the beginning of the process.

Business

• Loan Summary (short summary of the property type, loan amount, Location, and type of financing desired)
• Listing (if a purchase)
• Purchase Contract (if a purchase)
• Property Financials
• Profit & Loss Statement (Year to Date)
• Balance Sheet (Year to Date)
• Rent Roll (if applicable)
• 3 Years of Federal Business Taxes (must include K-1’s)
  

  Borrower

• Loan Application
• Personal Financial Statement
• Schedule of Real Estate Owned
• Credit Report
• 3 Years Personal Taxes
• In the event of a partnership or LLC, each person with over a 17% interest in the company must provide all of the above documents.