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.
|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.|
|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.