Commercial Loan Docs

Commercial Loan

Loan Application: www.wedohomeloansforyou.com

Click on Application button for the online application

Credit Report

Full Name, Social Security Number, current address, date of birth

We will pull a tri-merge credit report.  We cannot use a credit report from another company.

Photo’s of the property

Interior & Exterior photo's of the property (each unit inside).  Also have pictures of the street both ways.  Make sure the exterior photo’s show the foundation of the property, side of the building & back of the building.

Description of the property

1 page description of the property, including: Type of property, square footage, size of lot, age of building, when you bought the property & for how much.

(i.e.  8-Plex, strip mall, mixed use, special type of property: Restaurant, gas-station, mobile home, health-care facilities)

If it is mixed-use, please describe each unit & what it is used for.

Property-type Sepecific Documentation

Additional documents could be required for specialty types, such as automotive, hospitality, restaurant, gas-station, mobile home & health-care facilities.

Financials

• Last Two (2) Years of Tax Returns - Business & Personal
• Most recent balance sheet
• Year to date Profit & Loss Statement
• Last 2 month’s of accounts (Savings, Checking, Brokerage accounts i.e. = Stock, Bonds, IRA’s, 401K’s, any other investment accounts) – with the address of your bank or credit union.
• You need to show that your business is making money.

Copies of any Contracts

Lease (Rent) agreements

Long term income from the property &/or business

1. 1. If getting Cash Out or Credit Issues that need to be explained:

Letter of Explanation(s)

Letter explaining the purpose of cash out, signed & dated.  If there are credit issues that need to be explained, please provide a letter and any documentation available.

1. 1. Appraisal
2. 2. Commercial appraisal - we order the appraisal. The appraisal fee is paid for upfront on commercial loans.