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Commercial Real Estate Loans - Underwriting Checklist
Because we represent an extensive network of Banks, Institutional Lenders, Private Investors and Non-Traditional Programs, we are able to provide you with some of the most competitive rates and most flexible programs available.
As part of the credit application review and approval process, your commercial loan officer will request information and documentation to support the income, expense and valuations stated on your application.
A conventional bank program will require more documentation whereas the "Limited Documentation", "Stated Income" and "Private Money" programs require less.
Let's start by asking "what's
available?" If you can provide the documentation most
conventional bank lenders will request, let's start with that so we'll
quickly know whether your numbers will meet the lender's specific
DSCR requirements. Below is
a list of what conventional lenders will request.
Documentation related to the
subject property
Description of property
including age, type, number of units, or prior appraisal
DO NOT YET SPEND ANY
MONEY nor order any third party reports or inspections
Signed and dated sales
contract (purchase) or copy of deed (refinance)
Local map showing
location of the subject property
Color photos of property
exterior, interior and street / neighborhood views
Copies of current leases
or, if not available Rent Roll detailing individual tenants
Subject property's tax
return or Schedule E for the previous three (3) tax years
Internally prepared Year
to Date P&L for subject property
Any unique supplemental
documents such as environmental questionnaire, etc.
Documentation related to Owner
Business tax filings for
the previous two (2) tax years
(not applicable to sole
proprietors) (i)
Previous two personal tax
returns for all owners, principals and guarantors
Last 2 months' paystubs
for owners, principals and guarantors with salaried income.
Current Personal
Financial Statement for owners, principals and guarantors.
Miscellaneous Documentation
(i) Explanation for any
significant negative trend in business revenue or net profit
Remember, with Atlantic's broad
range of "Conventional", "Limited Documentation", "Stated Income" and
"Private Money" programs, your commercial real estate mortgage request will
qualify for approval based on the supporting documentation that's available,
your credit rating and the property equity.
Thank you for considering Atlantic... When you select us to act as your commercial mortgage broker, we will analyze your needs and will do research in order to find lenders that are suitable for you. In addition to saving you time and energy conducting a search for a lender, we are often able to secure a better deal for you. Our commercial mortgage success service fee is based only on a percentage of the amount that is approved and committed for funding. If we don't present you with a commitment for funding along terms we have discussed, we don't get paid. It's that simple.
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