Checklist
Commercial Real Estate Loan Checklists
Checklist for Banks/Credit Unions
List of Services
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Borrower's InformationList Item 1
- Actual name in which the property is/will be titled (Name of LLC, etc.)
- Most recent 3 years tax returns for borrowing entity(including K-1s) (If applicable)
- Year to date income statement (profit & loss) and balance sheet (If applicable)
- Operating Agreement/By-Laws for Borrowing Entity
- For Construction: List of development team (Architect, engineer, legal, general contractor, appraiser, environmental, etc.)
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Guarantor's Information (For Individual Guarantors)List Item 2
- Background (Simple Bio), Experience, and Resume for owners/guarantors
- Most recent 3 years personal tax returns for all owners with 20% or more ownership
- Current signed personal financial statement (PFS) for all guarantors
- Most recent copies of bank statements/brokerage statements (Verify Liquidity)
- Copy of ID's for all individual guarantors
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Guarantor's Information (For Entity Guarantors)List Item 3
- Most recent 3 years business tax returns (Including K-1s)
- Operating Agreement/By-Laws for each entity guarantor
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Project/Subject Property Financial InformationList Item 4
- Copy of Purchase Contract (If applicable)
- Most recent 2 years year end income/expense statements (If applicable)
- Year to date income/expense statement (If applicable)
- Proforma income statement for current year (If applicable)
- Current rent roll showing names, unit number, rents, extra charges, concessions, starting & expiration dates (If applicable)
- Information on existing debt (Copy of recent statement)(If applicable)
- Complete projects cost breakdown (If applicable)
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Project/Property Information (Send only what is applicable to the request)
- Copy of existing or proposed leases and letters of intent
- Survey with legal description
- Description of improvements and amenities
- Copy of recent appraisal (If available)
- Copy of environmental report (If available)
- Site plans, floor plans, photographs, vicinity maps, feasibility studies
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For Agency Financing (Multifamily-Items requested for initial rate quote)
- Trailing 12 month Profit & Loss
- Most recent 2 years Year End Income/Expense Statements
- Current Rent Roll
- Background on Sponsors
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For Investor Residential (Short Term & Long Term Rentals (1-8 Units)
- Loan Application -Includes Schedule of RE Owned (Will be provided)
- Credit Report Authorization (Will be provided)
- Last 2 months Bank Statements (Verify Source of Funds/Liquidity)
- Entity Documents (IRS Letter with Tax ID #, Articles of Incorporation/Bylaws, Certificate of Good Standing, Operating Agreement/Partnership Agreement & Certificate of Formation.
- Condo Questionnaire (If Applicable)
- Leases or Short Term Rental Operating Statements (If Applicable)
- Purchase Contract (If applicable) or Recent Renovation Documentation (If applicable)