Multi-Family / COMMERCIAL PRE-QUAL CHECKLIST
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I need the following in order to pre-qual a deal for you.
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A personal financial statement dated within the last 60 days.
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A tri merge credit report dated within 60 days.
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The last 2 years and year to date income operating expense statement for the property. If last 2 years not available then I need the last 2 years Schedule E from the seller on this property. The last 2 years income operating and expense reports plus year to date reports if owner occupied purchase. If the property has been owned for less than 2 years please provide 1 year of taxes and a year to date report. If the property has been owned less than 1 year, please provide a monthly income and expense report (a.k.a. – monthly trailing report), since time of purchase.
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If more than 1 unit, a copy of the rent roll dated within the last 60 days. Signed and dated by either the borrower or the seller. The rent roll must state an as of date. Please make sure the rent roll has the tenant name, unit number, rent amount, square footage, lease start and lease expiration date, please note if any of the units are Section 8. Please also indentify if the rental units are on a month-to-month basis. If property is a mobile home park, please make sure that the pad and the trailer rental amounts are separated. If the property is a triple net deal please advise.
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A copy of the purchase contract and earnest money check if applicable.
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A brief summary of the loan requested, which should include who, what where, when, why and how as well as your contact information.
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A resume on the borrower.
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If possible a couple digital color photo’s of the property.
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