What documents do I need for my commercial loan?

Depending on your financing needs, lenders typically require considerable documentation. Check out our handy guide below to help prepare your loan package.

Need help organizing these needed documents? You can apply now even if you still need some time to gather them. We’ll organize and present your loan package for you once we source competitive lenders from our extensive network. We have an easy 5-step process to secure financing for your commercial real estate project.

To start, in addition to the checklist below, always assume that we will need these four items for most loans:

  • Current Business Financial Statement
  • Last two years of filed Personal Tax Returns
  • Last two years of filed Business Tax Returns
  • Current Personal Financial Statement
Apartment and Multifamily

1. Current Rent Roll including:

  • Breakdown of Units with leases / stabilized
  • Apartment total units with Bedroom/Bath count

2. Complete Income/Expense Statement on the property including:

  • Annual property taxes
  • Insurance
  • Water/Sewer
  • Gas, Electricity
  • Maintenance/Repairs & Management

3. Summary of all Commercial Leases (retail or otherwise) if any, showing escalations & expirations.

4. Physical description, including square footage.

5. If an acquisition, we will need a fully executed Contract of Sale.

6. If a Refinance, the price originally paid for the property, date of purchase and summary of current financing.

7. Photos of the interior and exterior are preferred.

8. Site Plan or Property Survey, if available.

9. If this is a refinance, a Summary of Current Financing, including:

  • Current lender
  • Current principal balance
  • Interest rate and type of loan
  • Monthly mortgage payment
  • Maturity date
  • Prepayment penalty information
Construction
  1. Executive Summary of the development.
  2. Construction Budget including hard and soft costs.
  3. Background and bio on each partner emphasizing development, construction, renovation, or real estate experience and past projects successfully completed.
  4. Background, bio, or recent similar projects completed for architect, contractor, and construction manager (if applicable).
  5. Proposed sales prices and marketing plans for completed units (if condominiums).
  6. Comparable sales information for both the residential apartments and any commercial space (if condominiums).
  7. Rental analysis of the property (based on the estimated rental value of the completed units, including any commercial space).
  8. Copy of the fully executed Purchase Contract.
  9. Copy of approved building plans (if available).
  10. Copy of zoning analysis.
  11. Copy of Deed.
  12. Evidence that the partners control any development rights necessary to execute the plans.
  13. Timeline showing key points from beginning to completion of project.
  14. LLC Agreement or Articles of Incorporation, if any.
  15. Copy of the contract between the developer and the general contractor.
Hotel
  1. Number of rooms (Interior or Exterior).
  2. Number of Elevators.
  3. Last survey available.
  4. If available, the latest appraisal and environmental report.
  5. Please provide us the hotels tax returns and YTD Interim financial statements. The profit and loss has to be within 60 days.
  6. For refinancing, we’ll also need a balance sheet of the same cutoff date. We will also need a copy of the promissory note(s) and the last mortgage statement(s) of the hotel. Refinances typically require a copy of the franchise agreement, latest franchise inspection quality report, PIP and an accurate cost breakdown of the PIP from a General Contractor.
  7. If this is an acquisition please provide a purchase contract and escrow information, including escrow and title officer’s contact information.
  8. Land lease contracts (if any).
  9. Franchise agreement or the franchise application/approval and/or a copy of the franchisor’s conditional acceptance of the franchise application (if any).
  10. Exterior and interior photos of the hotel.
  11. Customer demographics- via percentage occupancy of transit, business, contracts, government, colleges, tourism, etc.
  12. Major industry or the attraction- is there a change in the local economy such as industries leaving or coming to the area, new tourist attractions being developed, etc.
  13. List of hotels in direct competition with the subject hotel within a 1, 2 and 3 mile ring. Are there new hotels being built or are planned to be built in the area?
Investment Property and Special Purpose

1. Current Rent Roll, including:

  • Square footage of units
  • Lease abstract details such as: escalations, commencement & expirations, add-ons, descriptions of tenants, description of any added rent that the tenant is responsible for (NNN).

2. Complete Income/Expense Statement on the property, including:

  • Annual property taxes
  • Insurance
  • Water/Sewer
  • Fuel
  • Electricity
  • Maintenance/Repairs
  • Management
  • CAM
  • Leasing commissions, tenant improvements

3. Complete, detailed physical description along with Site Plan or Property Survey

4. If an acquisition, please provide copy of fully executed Contract of Sale.

5. If a refinance, please provide the price originally paid for the property and the date of purchase.

6. Photos, if available.

7. Summary of current financing (refinance only), including:

  • Current lender
  • Current principal balance
  • Current interest rate
  • Current monthly payment
  • Due date
  • Prepayment penalty information

8. Information on Management Company, or indicate if Self-Managed.

Industrial and Warehouse

1. Current Rent Roll including:

  • SF of units
  • Lease abstract details such as: Escalations, commencement & expirations, add-ons, description of tenant, Description of any added rent that the tenant is responsible for (Gross or Modified Gross)

2. Complete Income/Expense Statement on the property including:

  • Annual property taxes
  • Insurance
  • Water/Sewer
  • Fuel
  • Electricity
  • Maintenance/Repairs
  • Management
  • CAM
  • Leasing commissions, tenant improvements

3. Complete, detailed physical description along with a Site Plan or Property Survey.

4. If an acquisition, provide a copy of the fully executed Contract of Sale.

5. If a refinance, the price originally paid for the property and the date of purchase.

6. Photos, if available.

7. Summary of current financing (if a refinance), including:

  • Current lender
  • Current principal balance
  • Current interest rate
  • Current monthly payment
  • Due date
  • Prepayment penalty information

8. Information on Management Company, or indicate if Self-Managed.

Shopping Center and Retail

1. Current Rent Roll, including:

  • SF of units
  • Lease abstract details such as: escalations, commencement & expirations, add-ons, descriptions of tenants, description of any added rent that the tenant is responsible for (NNN).

2. Complete Income/Expense Statement on the property, including:

  • Annual property taxes
  • Insurance
  • Water/Sewer
  • Fuel
  • Electricity
  • Maintenance/Repairs
  • Management
  • CAM
  • Leasing commissions, tenant improvements

3. Complete, detailed physical description along with Site Plan or Property Survey

4. If an acquisition, please provide copy of fully executed Contract of Sale.

5. If a refinance, please provide the price originally paid for the property and the date of purchase.

6. Photos, if available.

7. Summary of current financing (refinance only), including:

  • Current lender
  • Current principal balance
  • Current interest rate
  • Current monthly payment
  • Due date
  • Prepayment penalty information

8. Information on Management Company, or indicate if Self Managed.

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