LOAN DOCUMENT CHECKLIST

Closing a commercial loan is a process.  To make the process simple and efficient, ValueXpress has developed a concise checklist of documents required for each step of the loan approval timeline to closing.  You can find our checklists here for each loan type.  Simply download them, gather the documents and email them to us.  Call us with any questions and we will use our 25 years’ experience to walk you through completion.  Remember, there is never a fee for  to provide a loan proposal.

CMBS CONDUIT LOAN DOCUMENTS

  • Property Address and name of Owner/Buyer
  • Amount of Loan Requested
  • Is the transaction a purchase or refinance? If purchase, provide a copy of the purchase contract
  • Year-end property income and expense statements for the property for the most recent 3 years in Excel
  • The most recent 12 months income and expense statement BY MONTH through most recently available month in Excel
  • Provide the most recently available balance sheet for the property (refinance only)
  • Identify any capital improvements or large non-recurring expenses in the income and expense statements
  • Annual average occupancy statistics for most recent 3 years
  • Current Rent Roll, including tenant name, square footage, monthly base rent, annual base rent, rent/sf, lease start date, lease end date, type of lease (gross, net, modified gross). Initial date of occupancy, options, monthly expense recoveries by type (RET, INS, CAM), termination rights (if any), percentage rent, tenant sales (not applicable for hotels)
  • Copy of most recent expense recovery reconciliations (for net and modified gross leases, not applicable for hotels)
  • Copy of the most recent tax bil
  • Copy of any old appraisal, property condition assessment or Phase I Environmental assessment. If none, provide site plan with size of property and layout of tenant spaces. Provide the owner’s estimate of property value and the owner’s cost estimate to buy land parcel and build asset today. Provide year of construction and year of subsequent renovation/cost
  • Complete Debt Schedule
  • Complete Organization Chart
  • Complete Sponsor-Borrower Certification
  • Provide a Personal Financial Statement for any owner > 20%
  • Please provide a resume for the sponsor indicating experience in the ownership and operation of similar properties
  • Provide a resume/brochure/website for the management company (if third-party managed)
  • Market study: market occupancy, market rents by class (A, B, C), absorption
  • Exterior photographs/website
  • Most recent STAR report and the December STAR report for prior 3 years (hotels only)
  • Complete Hotel Questionnaire (hotels only)

BRIDGE LOAN DOCUMENTS

  • Property Address and name of Owner/Buyer
  • Project Description and History
  • Amount of Loan Requested
  • Is the transaction a purchase or refinance? If purchase, provide a copy of the purchase contract
  • If the property is not stabilized, provide the scope of work and detailed cost estimate of any investment required to achieve stabilization
  • Year-end property income and expense statements for the property for the most recent 3 years in Excel
    The most recent 12 months’ income and expense statement BY MONTH through most recently available month in Excel
  • If the property is not stabilized, provide monthly projections in Excel for 24-36 months until stabilization; provide assumptions for the projections
  • Provide the most recently available balance sheet for the property (refinance only)
  • Identify any capital improvements or large non-recurring expenses in the income and expense statements
    Annual average occupancy statistics for most recent 3 years
    Current Rent Roll, including tenant name, square footage, monthly base rent, annual base rent, rent/sf, lease start date, lease end date, type of lease (gross, net, modified gross). Initial date of occupancy, options, monthly expense recoveries by type (RET, INS, CAM), termination rights (if any), percentage rent, tenant sales (for retail properties)
  • Leasing prospect report
  • Copy of most recent expense recovery reconciliations (for net and modified gross leases)
  • Copy of the most recent tax bill
  • Copy of any old appraisal, property condition assessment or Phase I Environmental assessment. If none, provide site plan with size of property and layout of tenant spaces. Provide the owners’ estimate of property value and the owners’ cost estimate to buy land parcel and build asset today. Provide year of construction and year of subsequent renovation/cost
  • Complete Debt Schedule
  • Complete Organization Chart
  • Complete Sponsor-Borrower Certification
  • Provide a Personal Financial Statement for any owner > 20%
  • Please provide a resume for the sponsor indicating experience in the ownership and operation of similar properties
  • Provide a resume/brochure/website for the management company (if third-party managed)
  • Market study: market occupancy, market rents by class (A, B, C), absorption
  • Exterior photographs/website
  • Most recent STAR report and the December STAR report for prior 3 years (hotels only)
  • Complete Hotel Questionnaire (hotels only)

COMMERCIAL BANK LOAN DOCUMENTS

ALL PROPERTIES:

  • Property Address and name of Owner/Buyer
  • Project Description and History
  • Amount of Loan Requested
  • Is the transaction a purchase or refinance? If purchase provide a copy of the purchase contract
  • INCOME PRODUCING PROPERTIES:

    If the property is not stabilized, provide the scope of work and detailed cost estimate of any investment required to achieve stabilization
  • Year-end property income and expense statements for the property for the most recent 3 years in excel\
  • The most recent 3 years income tax returns for the property
  • The most recent 3 years personal income tax returns for the owner and most recent year W-2
  • The most recent 12 months income and expense statement BY MONTH through most recently available month in excel.
  • If the property is not stabilized, provide monthly projections for 24-36 months until stabilization in excel; provide assumptions for the projections
  • Provide the most recently available balance sheet for the property (refinance only)
  • If any capital improvements or large non-recurring expenses in the income and expense statements, please identify
  • Annual average occupancy statistics for most recent 3 years.
  • Current Rent Roll, including tenant name, square footage, monthly base rent, annual base rent, rent/sf, lease start date, lease end date, type of lease (gross, net, modified gross). Initial date of occupancy, options, monthly expense recoveries by type (RET, INS, CAM), termination rights (if any), percentage rent, tenant sales (for retail properties)
  • Leasing prospect report

OWNER-OCCUPIED PROPERTIES:

  • Most recent 3 year’s business tax returns for the business
  • A current financial statement for the business consisting of an income and expense statement and balance sheet dated within the past 60 day
  • A Debt Schedule for the business dated same date as the balance sheet.
  • Most recent 3 year’s personal returns and W-2’s for the most recent year for all owner’s that received K-1’s from the business
  • Copy of most recent expense recovery reconciliations (for net and modified gross leases).
  • Copy of the most recent tax bill.
  • Copy of any old appraisal, property condition assessment or Phase I Environmental assessment. If none, provide site plan with size of property and layout of tenant spaces. Provide the owners estimate of property value and the owners cost estimate to buy land parcel and build asset today. Provide year of construction and year of subsequent renovation/cost.
  • Please complete attached Debt Schedule
  • Please complete attached Organization Chart
  • Please complete attached Sponsor-Borrower Certification
  • Provide a Personal Financial Statement for any owner > 20%
  • Please provide a resume for the sponsor indicating experience in the ownership and operation of similar properties
  • Provide a resume/brochure/website for the management company (if third-party managed)
  • Market study: market occupancy, market rents by class (A, B, C), absorption.
  • Exterior photographs/website.
  • Most recent STAR report and the December
  • STAR report for prior 3 years (hotels only)
  • Complete Hotel Questionnaire (hotels only)

 

 

 

 

 

  • Most recent 3 year’s business tax returns for other businesses owned by any of the business owner’s applying for the loan. These are referred to as “affiliates”
  • A current financial statement for other businesses (“affiliates”) owned by any of the business owner’s applying for the loan consisting of an income and expense statement and balance sheet dated within the past 60 days
  • A Debt Schedule for other businesses owned by any of the business owner’s applying for the loan dated same date as the balance sheet.

AGENCY LOAN DOCUMENTS

  • Property Address and name of Owner/Buyer
  • Amount of Loan Requested
  • Is the transaction a purchase or refinance? If purchase, provide a copy of the purchase contract
  • Year-end property income and expense statements for the property for the most recent 3 years in Excel
  • The most recent 12 months’ income and expense statement BY MONTH through most recently available month in Excel
  • Provide the most recently available balance sheet for the property (refinance only)
  • Identify any capital improvements or large non-recurring expenses in the income and expense statements
  • Annual average occupancy statistics for most recent 3 years
  • Current Rent Roll, including tenant name, square footage, monthly base rent, lease start date, lease end date, initial date of occupancy, gross potential rent and occupancy rate
  • Copy of the most recent tax bill
  • Copy of any old appraisal, property condition assessment or Phase I Environmental
    assessment. If none, provide site plan with size of property and layout of tenant spaces. Provide the owner’s estimate of property value and the owner’s cost estimate to buy land parcel and build asset today. Provide year of construction and year of subsequent renovation/cost
  • Complete Debt Schedule
  • Complete Organization Chart
  • Complete Sponsor-Borrower Certification
  • Complete attached Special Conditions Certification
  • Provide a Personal Financial Statement for any owner > 20%
  • Please provide a resume for the sponsor indicating experience in the ownership and operation of similar properties
  • Provide a resume/brochure/website for the management company (if third-party managed
  • Market study: market occupancy, market rents by class (A, B, C), absorption
  • Exterior photographs/website

SBA AND USDA LOAN DOCUMENTS

  • Most recent 3 years’ business tax returns for the business (signed and dated). This requirement is for existing businesses, provide detailed monthly businesses projections for 24 months for start-up businesses
  • A current financial statement for the business consisting of an income and expense statement and balance sheet dated within the past 60 days
  • A Debt Schedule for the business dated same date as the balance sheet.
  • Most recent 3 years’ personal returns and W-2s for all owners that received K-1s from the business (signed and dated)
  • Most recent 3 years’ business tax returns for other businesses owned by any of the business owners applying for the loan (signed and dated). These are referred to as “affiliates”
  • A current financial statement for other businesses owned by any of the business owners applying for the loan consisting of an income and expense statement and balance sheet dated within the past 60 days
  • A Debt Schedule for other businesses owned by any of the business owners applying for the loan dated same date as the balance sheet.
  • Fill out and sign Credit Authorization Form
  • Copy of purchase contract if the loan is for a purchase of a business or the purchase of real estate that business intends to occupy
  • Evidence of Equity Injection if the proposed financing is for a purchase of a business or real estate
  • If the loan is to refinance existing debt, a copy of the Promissory Notes for all debt that are to be paid-off with the proceeds of the loan
  • If the business is a franchise, provide a copy of the franchise agreement
  • Provide Borrower organization structure.
  • If the business is a Corporation, please provide Articles of Incorporation and Bylaws. If the business is an LLC, please provide Articles of Organization and Operating Agreement.
  • For each owner that received a K-1 from the business that indicates more than 20% ownership, or any owner that will own more than 20% of the proposed business, provide a Personal Financial Statement (PFS) on Form 413 signed by both the owner and the owner’s spouse (if married).  The PFS must be dated within the past 60 days.
  • Provide a resume for each owner. The resume should focus on experience in the ownership and operation of the subject business and similar businesses as applicable. The resume should be in professional format similar to the form used for employment interviews
  • LEGIBLE copy of driver’s license, FRONT AND BACK. Enlarge on a photocopy machine as needed to be legible. Do not fax, except at high resolution
  • SBA Form 912 – Personal Statement of History to be completed by all owners. Please note Form 912 has changed. Use the form with the following legend in the lower left corner: SBA 912 (1-10) SOP 5010.4 Previous Edition Obsolete
  • IRS Form 4506-T signed by the president, secretary, managing member, or partner of the business. Not required for start-ups.
  • IRS Form 4506-T signed by each owner (and spouse if married and filing jointly) who received a K-1 from the business that indicates more than 20% ownership, or any owner who will own more than 20% of the proposed business.
  • Fill out and sign Statement of Previous Government Financing.
  • If any owner who received a K-1 from the business that indicates more than 20% ownership, or any owner who will own more than 20% of the proposed business THAT IS A RESIDENT ALIEN, provide a LEGIBLE copy of Permanent Resident Card, FRONT AND BACK. Enlarge on a photocopy machine as needed to be legible. Do not fax, except at high resolution.