FAQ 9

Documents Needed
for
Commercial Loan
Applications

To submit a commercial loan request to us, please assemble and forward as much of the following items as possible.  Hint:  Your submission has a far greater chance of success the more complete your documentation is.  If you are unsure of which program you are best suited for, feel free to call one of our representatives.

TO GET A CONDITIONAL APPROVAL (LOI)
For Owner-User Properties
  1. Pictures of the Property and surrounding area.
  2. Loan Summary Form* or an Executive Summary
  3. 3 Years of Business and Personal Tax Returns
  4. A YTD Profit & Loss Statement on the Business*
  5. A Business Debt Schedule*
  6. Personal Financial Statements on each guarantor*
  7. A Credit Report on each Guarantor (or Signed Authorizations*)
  8. Purchase Agreement, if applicable
  9. If construction:
    • Line Item Cost Breakdown*
    • 3 Year Projected Income and Expense Statement*

For Investment Properties
  1. Pictures of the Property and surrounding area.
  2. Loan Summary Form* or an Executive Summary
  3. Property Rent Roll*
  4. Property Income and Expense Statement*
  5. 3 Years of Personal Tax Returns (1040s)
  6. Personal Financial Statements on each guarantor*
  7. A Credit Report on each Guarantor (or Signed Authorizations*)
  8. Purchase Agreement, if applicable
  9. If construction:
    • Line Item Cost Breakdown*
    • 3 Year Projected Income and Expense Statement*
*  These forms are contained in our Loan Summary Spreadsheet (LSS) for your ease of use and in helping you to organize your submission.  You may submit separate forms for each of the requested items or complete the LSS for a faster response.

FULL SUBMISSION REQUIREMENTS
For Conventional Owner Occupied and SBA Loans
  • Last 3 years federal tax returns on the business
  • Year to date Profit/loss statement and balance sheet on the business (no older than 60 days
  • Business debt schedule
  • Last 3 years federal tax returns of the borrower
  • Personal financial statement
  • Credit release authorization
  • Borrowers resume
  • Property rent roll (if multiple tenants)
  • Purchase agreement, notes to refinance, or construction budget depending upon the situation
  • Please also provide photos of the subject property as well as copies of any previous appraisals, environmental reports or title work.

For Owner-User Construction to Permanent Loans Add The Following:
  • A Line Item Cost Breakdown
  • Sources and Uses of Funds Statement (showing cash invested in the project, payoffs, hard costs, soft costs, etc.)
  • Site plan
  • A Pro Forma Lease Summary or Rent Roll
  • Income and Expense projections on the completed project for 3 years going forward.
  • Status of Entitlements and estimate of project start date

For Investment Real Estate
  • Last 3 years property operating statement
  • Year to date property operating statement
  • Property rent roll
  • Last 3 years federal tax returns of the borrower
  • Personal financial statement
  • Credit release authorization
  • Purchase agreement or notes to refinance depending upon the situation
  • Please also provide photos of the subject property as well as copies of any previous appraisals, environmental reports or title work.

For Stated Income Loans
  • Purchase agreement or notes to refinance depending upon the situation
  • Property rent roll (if multiple tenants)
  • Credit release authorization
  • Personal financial statement or 1003
  • Please also provide photos of the subject property as well as copies of any previous appraisals, environmental reports or title work.
We look forward to working with you on completing a successful loan funding.  Again, if you have any questions at all about the documentation we need or the loan process, please do not hesitate to call us at 513-226-9052!
 


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