GETTING APPROVED
Obtaining commercial financing is often
unknown territory for many people - from providing the necessary documents to
the appraisal process, to the time it takes to close the loan. We can make it all possible and 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-plex or higher
·
Shopping Centers and Malls
·
Commercial Buildings
·
Hotels and Motels
·
Office Buildings
·
Medical Buildings
·
Retirement Homes
·
Nursing Homes
·
Industrial Buildings
·
Commercial Sites
·
Store Front and Apartment
·
Mixed-Use Properties
·
Commercial Condos
WHAT IS NEEDED TO GET YOU STARTED?
·
Business Description
·
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 any other
assessments as required by the various lenders.
We will put together the entire loan
package and guide you right through to the closing stage. It’s as easy as that. So even if you have had difficulty obtaining
commercial financing in the past, we have your solution.
COMMERCIAL CHECKLIST
o
Fully completed, signed
application by all principal(s) and a Credit Bureau
o
Detailed, separate personal net
worth statement for each borrower/guarantor (unless married to each other)
o
Purchase and Sale Agreement
with all schedules and amendments, if applicable
o
MLS listing with a picture of
the property (if applicable) – Picture and description of the property (i.e.
Storefront and Commercial unit on the bottom with an apartment on the second
floor)
o
Confirmation and source of down
payment with verification
o
Signed Loan Proposal/Letter of
Intent and “good faith” deposit
o
Property income and expense
statement
o
Indicate if the property is
owner occupied and/or leased
o
Current rent roll with names of
all tenant(s), if applicable
o
All commercial lease(s), if
applicable
o
Personal income verification
o
If employed, current letter of
employment, pay stub; If self-employed, declaration of self-employed income and
2 years of financial statements, articles of incorporation and recent notice of
assessment
o
If title is being held under a
company name – holding company and registration particulars and financials
o
Signed commitment letter
o
Appraisal Report
o
Any other reports requested,
i.e. environmental and structural reports
o
Retainer