How to Prepare a Financial Package For a Commercial Loan
Published 09-28-2018

Not all Lenders or loan programs are created equal and each program has it’s own specific guidelines. That being said, here is a general list of the items you should consider preparing in advance of contacting Lenders for a loan quote*:

General

• Schedule of Sources & Uses

• Name of current lender and payoff amount (including any prepayment penalty)

• Property name/address

• Date property was built/rehabbed

• Requested loan terms (i.e. loan amount, interest rate, term, amortization, fixed/variable, etc.)

Borrower/Sponsor-Related Documents

• List of all Sponsors (including spouses) with at least 10% ownership in the property

• Personal financial statement (PFS), including a schedule of real estate owned, prepared for each of the above Sponsors

• 3 years personal tax returns (needed for all recourse loans and some non-recourse loans)

• Real estate resume for the managing member or general partner

Property-Related Documents

• Past 3 years of annual operating statements, broken out by month

• Trailing 12 month operating statement, broken out by month

• Previous 3 years tax returns for the Borrower

• Schedule of capital repairs completed in the last 3-5 years, including description and cost

• CapEx budget (if capital improvements planned/needed in the next year)

• Current rent roll (including and options, rent escalations, start dates and end dates); if single-tenant property, provide a copy of the lease and any amendments or options

• Property management company information

*Please note that this list is for stabilized properties only. For a list of suggested items for a construction loan, click here.

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