Tips to a Speedy Approval

July 18, 2017

 

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:

  • Insurance Contact

  • 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. 

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