Required Documents

DOCUMENTS NEEDED FOR OUR A- PRE-APPROVALS

REQUIRED DOCUMENTS FOR FULL DOC LOAN APPROVAL
Call for documentation needed for private party & hard money loans

• 3 years operating statements signed and certified and/or 3 years tax returns with all K-1s
• YTD operating statements signed and certified
• 3 year Pro-forma for next 12 months
• Each borrowers personal financial statement, signed and certified
• 3 year personal financials for each borrower, signed and certified
• Schedule of real estate for each borrower, signed and certified
• Statement of source of capital
• Tenant financials for single tenant properties

• If purchase, copy of contract of sale
• Copy of Title Policy
• Copy of most recent appraisal
• Copy of most recent survey
• 35mm color photos (email better) of subject property with street scenes
• Current rent roll, dates of leases, unit descriptions, sq ft.
• Copy of all current leases including owners unit with estoppel certificates
• Estoppel letters and Subordination Agreements and Assignments
• Copy of management agreements with management company resume'
• Copy of most recent property tax statement
• Zoning, Use and Occupancy, Zoning Comfort Letter
• Environmental questionnaire
• Copy of most recent environmental report
• If new construction, Certification of Occupancy
• Casualty Insurance Documentation
  1. Copy of All Risk Ins. Policy (Hazard & Liability)
  2. Boiler Damage & Liability Policy (if applicable)
  3. Flood Insurance Policy (or evidence property not in flood zone)
  4. Evidence of payment of one year's inssurance premium
  5. Law and Ordinance coverage if property is non-conforming
  6. Copy of Rent Loss Coverage
• Hotels; Current NOI and Occupancy Summary for last 3 years
• Current mortgage statement, if refinance
• Copy of ground lease, if applicable
• UCC-1 Financing Statements (encumbering all fixtures, appliances, etc.)
• Asbestos O & M Agreement (if applicable)

• Where Borrower is Corporation or Corporate General  Partner
  • Articles of Incorporation and all amendments thereto, certified by Secretary of State where incorporated
  • Copy of Bylaws, certified by borrower
  • Certified Good Standing issued by Secretary of State (or equivalent) where incorporated
  • Borrowing Resolution of Board of Directors
  • Incumbency and Secretary Certificate
• Where Borrower is Limited or General Partner of a Partnership
  • Articles of Incorporation of General Partnership and all amendments thereto, certified by Secretary of State where filed
  • Certificate of Good Standing of General Partner
  • Copy of Limited Partnership and all amendments thereto, certified by appropriate office
  • Evidence of Publication of Certificate of Limited Partnership (if required)
  • Borrowing Resolution
• Where Borrower is Limited Liability Company
  • Articles of Company and all amendments thereto, certified as files by the Secretary of State where filed
  • Copy of Operating Agreement certified by borrower
  • Borrowing Resolution of Members/Manager
• Franchise agreements, if applicable
• Resume of all principals
• Credit reports on all borrowers, current within 30 days with scores

• Executive business plan/summary for proposed property
• If applicable, explanation of any bankruptcies with complete copies of filing(s) for all borrowers

• Appraisal Fee. A deposit with the lender or a COD payment must be made. The fee will depend on the type of property, location and anticipated value. Normally estimated value will pre-determine the time and work required. Also, the lender may order an MAI type valuation that may cost more. From time to time some borrowers will offer to pay an additional fee to get an appraisal done faster than normal.
• Environmental Fee. A basic Phase I study may be already available and sometimes can be used. A Phase II or III will take time and more money. If the property is known to have toxins then the studies may be more intensive and costly.
• Processing and Credit Deposits. Some investors will require a deposit that will cover anticipated expenses for processing, credit reports, preliminary title and also appraisals (if they use an in-house appraisers)
• These fees may be the anticipated costs or as much as 1% of the requested loan amount. Normally any unused fees are returned to the borrower if the loan does not fund. If it does fund then the deposit is credit towards closing costs.

As with all loans, individual lenders require their own documentation to make their files complete. Be prepared to supply whatever an underwriter needs to get your final Loan Committee Approval.