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Commercial Loan Checklist
Although the documentation required for
commercial loans can vary from loan to loan, and project to project, the
following list of documents will provide The Erskine Group
with much of the necessary information to make an informed decision about your
financing request.
Borrower/Principal
Information
- Three years income tax and financial
statements
- Year-to-date profit & loss and balance
statement
- Personal financial statements
- Projected cash flow statements for
next 12 months
- Pro forma for next 12 months / length
of loan
- Federal and State tax information
- Collateral sheet
- Well written business plan
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Project/Property Information
If you are seeking financing for an acquisition,
please include the following documents:
- Brief description of the prospective
mortgage loan request, including: Desired loan amount, estimated
current as-is value of property, estimated as-completed value, sources
and uses of funds, budget and exit strategy.
- Description of the subject property,
including: Location, size/square footage (specify both gross and
net, if applicable), number of units, survey/site plan, floor plans (if
applicable), photos of subject property
- Provide income/expense statement for
the property, including: Annual property taxes, Insurance, water/sewer
taxes, fuel and electricity, maintenance/repairs. If available supply
property operating statements for the past two (2) years.
- Current Rent Roll (if applicable),
including: Breakdown of unit types (residential/ commercial),
itemize regulated units (controlled, stabilized), lease escalations and
expirations, unit numbers, tenant names, room/bathroom count, etc. For
retail, office or industrial properties also provide unit square
footage, base rent and description of any pass-through expenses absorbed
by tenant.
- Provide a copy of the fully executed
contract of sale.
If you are seeking to refinance an
existing property, please include the following documents:
- A summary of current financing.
- The price originally paid for
property.
- The date of purchase.
If you are making a subordinate loan
request (i.e. second mortgage), please provide:
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A copy of first mortgage loan
offer/commitment.
If you are seeking financing for new construction
or a building renovation, please include the following documents:
- An executive summary of the project.
- A detailed construction budget.
- Proposed sale prices and marketing
plans (if condominiums), or rental pro-forma (if rental).
- Comparable sales/rental information
for residential units or commercial spaces (only if applicable).
- Approved building plans (if
available).
- Zoning analysis (if applicable).
- Information on architect and general
contractors, and copies of the contracts.
- Timeline showing key points from
beginning to completion of the project .
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