Congratulations! If you’ve come to read this blog it means you’re serious about purchasing a commercial building of sorts. Or maybe it means that you want to refinance and you just need a refresher on what’s “standard.” Either way, you’ve come to the right place!
Below Are Things That Should be Collected First:
Rent Roll of the Current Property
Past 2 years Proforma of the property
Year To Date Proforma of the property
List of Capital Improvements past 3 Years (if applicable)
Personal Financial Statements for anyone on the loan, or in the case of an LLC, all principals of the LLC
Next Are Things to Keep in Mind for Later:
Phase 1 Environmental (for older or rural located buildings)
Leases on all units
Past 2 years Business Tax Returns (if applicable)
Past 2 years personal tax returns
Schedule of Real Estate Owned from all borrowers
This list is not to say that you cannot start from scratch. Here are at The Sound Mortgage Brokers, we have the expertise to help you with each part of the checklist. Whether you’re brand new and know nothing about any of these things, or have years of experience in the field, we are here to make your closing process the smoothest available. Request a consultation for further assistance with your approval process.