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)

http://www.lendingcapital.net

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Author: lendingcapital.net

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