General Guidelines to Obtaining a Commercial or Construction Mortgage

Get your plan and information in order before you go shopping for a loan. Here is some preliminary information that will help you secure your financing.

General Loan Requirements

• Preliminary Analysis Initial Borrower Documents (Need for all > 20% Ownership):
• Current Personal Financial Statement (All Borrowers) Personal Tax Returns (Last 3 Years)
• Current Credit Report w/scores (www.annualcreditreport.com)
• Initial Business Documents Brief Overview of Ownership / Entities and Loan Requested
• Business Tax Returns (Last 3 Years)
• Current Balance Sheet YTD Profit and Loss Statement
• Old Appraisal (if available/applicable)
• Current Rent Rolls (if applicable)

Construction Loan Requirements

• Preliminary Analysis Initial Borrower Documents (Need for all > 20% Ownership)
• Current Personal Financial Statement (All Borrowers)
• Personal Tax Returns (Last 3 Years)
• Current Credit Report w/scores (www.annualcreditreport.com)
• Initial Business Documents Brief Overview of Ownership / Entities and Loan Requested Business Tax Returns (Last 3 Years)
• Current Balance Sheet YTD Profit and Loss Statement
• Old Appraisal (if available/applicable) Current Rent Rolls (if applicable)
• Construction Documents Construction Budget Plans / Layout Feasibility Study Pre-Sales / Marketing Information Principles Resumes Contractor / Subcontractor Detailed Information
• Proforma Cash Flow and Lease Up Analysis Exit Strategy (if applicable)

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Author: Lendingcapital.net

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