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NYC Bridge Lender Submission Check List

General Submission Checklist:

The following is a list of items required to process your commercial loan. The more of the following information you can provide, the faster wel can react to your loan request.

Property Information:

Brief description of the prospective mortgage loan request, including:

Desired loan amount, estimated current as-is value of property, estimated as-completed value, sources and uses of funds, budget and exit strategy.

Description of the subject property, including:

Location, size/square footage (specify both gross and net, if applicable), number of units, survey/site plan, floor plans (if applicable), photos of subject property

Provide income/expense statement for the property, including:

Annual property taxes, Insurance, water/sewer taxes, fuel and electricity, maintenance/repairs. If available supply property operating statements for the past two (2) years.

Current Rent Roll (if applicable), including:

Breakdown of unit types (residential/ commercial), itemize regulated units (controlled, stabilized), lease escalations and expirations, unit numbers, tenant names, room/bathroom count, etc. For retail, office or industrial properties also provide unit square footage, base rent and description of any pass-through expenses absorbed by tenant.

If acquisition, provide copy of fully executed contract of sale.
If refinance, provide summary of current financing, price originally paid for property and date of purchase.
If subordinate loan request, provide copy of first mortgage loan offer/commitment.

Borrower/Principal Information:

Background of the Borrower(s) / Developer(s) / Principal(s) / Manager(s) including relevant experience (current projects, properties owned, and past projects completed. If condo renovation or development provide info on prior experience).
Credit Report Authorization.  Please visit http://truecredit,com join run your credit and  fax to 206-984-2853.
Personal Financial Statement for each Borrower/Principal. Please fax to 206-984-2853.

Please add a brief note explaining any other information about the proposed transaction, any relevant personal information, and any credit issues that may affect the Lender’s decision.

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