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LOAN REQUIREMENTS
- Property Type (Mixed-use, multifamily, office, retail, warehouse, etc.):
- Property description (i.e., # of units/unit type)?
- Purchase or Refinance?
- Debt service must be a minimum of 1.25% ( depending on lender )
- Cost of the building/property for purchase
- Amount remaining on existing mortgage (s) for refinance?
- Amount of loan desired?
- Owner occupied property or investment only?
- Full documentation needed
- Credit score
- 3 years tax returns both personal and business will be needed
- Contract of sale needed for purchase
- Personal financial statement
- Recent appraisal if available (new appraisal will be required)?
- Borrower 1003 completed
- Unit leases and expiration information ( rent roll )
- Recent environmental report if available
- Any prepayment penalty on the current mortgage(s) (for refinance)?
Building expenses:
- Property taxes (per year)
- Building insurance (per year)
- Utilities (state per month or yearly total)
Do the tenants pick up any percentage of building expenses?
Note – 10% will be deducted from the gross rents to account for vacancy and building management unless specifically accounted for.
Construction Loans:
- Complete breakdown of construction costs
- Verification of all government approvals
- Name of contractor and plans provided
