Commercial Loan Docs
Commercial Loan
Commercial Loan Application: www.wedohomeloansforyou.com
Click on Application button for the online application
Credit Report
Full Name, Social Security Number, current address, date of birth
We will pull a tri-merge credit report. We cannot use a credit report from another company.
Photo’s of the property
Interior & Exterior photo’s of the property (each unit inside). Also have pictures of the street both ways. Make sure the exterior photo’s show the foundation of the property, side of the building & back of the building.
Description of the property
1 page description of the property, including: Type of property, square footage, size of lot, age of building, when you bought the property & for how much.
(i.e. 8-Plex, strip mall, mixed use, special type of property: Restaurant, gas-station, mobile home, health-care facilities)
If it is mixed-use, please describe each unit & what it is used for.
Property-type Sepecific Documentation
Additional documents could be required for specialty types, such as automotive, hospitality, restaurant, gas-station, mobile home & health-care facilities.
Financials
- Last Two (2) Years of Tax Returns - Business & Personal
- Most recent balance sheet
- Year to date Profit & Loss Statement
- Last 2 month’s of accounts (Savings, Checking, Brokerage accounts i.e. = Stock, Bonds, IRA’s, 401K’s, any other investment accounts) – with the address of your bank or credit union.
- Expense Statements
Copies of Contracts
Lease (Rent) agreements
Long term income from the property &/or business
If getting Cash Out or Credit Issues that need to be explained:
Letter of Explanation(s)
Letter explaining the purpose of cash out, signed & dated. If there are credit issues that need to be explained, please provide a letter and any documentation available.
Appraisal
Commercial appraisal – we (the Lender) orders a NEW appraisal. The appraisal fee is paid for upfront on commercial loans. Old appraisals, as well as appraisals that borrowers have ordered CAN NOT be used. There are no short cuts to this and no exceptions, no matter how good the explanation sounds.
Other Items
- Insurance Agent name & contact details
- Copy of Payoff (If a Refinance)
- Breakdown of construction costs (If a constructin loan or improvements)
- Copy of Permit(s) (if permits are required on a constructino loan)
- Copy of bid(s) if a construction loan
Pending on the type of property, if any other 3rd pary fee’s for due dilligence needs to be done, those fee’s are collected upfront.
Some commercial transactions have commitment fees. This has been typical in the commercial lending industry for the past 2 1/2 years. This is not paid to the broker, it’s paid to the lender.
