Getting Approved
Many people are unfamiliar with the details of obtaining commercial financing--the necessary documentation, the appraisal process and the time it takes to close the loan. We can take the guess work out of the application process. In fact, a simple phone call to one of our Commercial Loan Specialists is the first step to starting the commercial loan pre-approval.
Financing is available for purchases, refinancing, expansion and debt consolidations on many property types.
Examples of Commercial Properties are:
- Apartment buildings
- Multi-unit Residential 4-plexes or higher
- Shopping centres and malls
- Commercial buildings
- Hotels and motels
- Office buildings
- Medical buildings
- Retirement homes
- Nursing homes
- Industrial buildings
- Commercial sites
- Store fronts with apartment
- Mixed-use properties
- Commercial condos
Getting Started
To obtain commercial financing, you will need the following:
- a business description
- a property description
- financing requirements
Once we have determined the loan that works for you, we will schedule a time to have your property appraised and determine whether or not any other assessments are required by the various lenders.
Even if you have had difficulty obtaining commercial financing in the past, we can help. We will put together the entire loan package and guide you right through to the closing stage. It’s as easy as that.
Commercial Checklist
- A fully completed, signed application by all principal(s) and a credit bureau
- A detailed, separate personal net worth statement for each borrower/guarantor (unless married to each other)
- An Agreement of Purchase and Sale with all schedules and amendments, if applicable
- An MLS listing, if applicable, with a picture and description of the property (e.g., storefront and commercial unit on the bottom with an apartment on the second floor)
- A confirmation and source of down payment with verification
- A signed Loan Proposal/Letter of Intent and “good faith” deposit
- A property income and expense statement
- A confirmation that the property is owner occupied and/or leased
- A current rent roll with names of all tenant(s), if applicable
- All commercial lease(s), if applicable
- A personal income verification
- A current letter of employment and pay stub if employed
- A declaration of self-employed income, 2 years of financial statements, articles of incorporation and recent notice of assessment, if self employed
- A document indicating registration particulars and financials if the title is held under a company name (e.g., a holding company)
- A signed commitment letter
- An appraisal report
- Any other reports requested, e.g., environmental and structural reports
- A retainer