Every request: sponsor, property, and request basics
All commercial loan requests
- Loan request summary with amount, purpose, desired term, and timing
- Sources and uses of funds
- Property address, photos, and a short property description
- Sponsor resume showing ownership and operating history
- Personal financial statement for each guarantor
- Schedule of real estate owned with debt on each property
- Proof of liquidity such as recent bank or brokerage statements
- Authorization for credit and background checks on principals
- Current rent roll or occupancy report, if the property is income-producing
- Trailing operating statements and the current year budget
- Organizational chart of the borrowing entity and its owners
- Existing third-party reports such as appraisal, environmental, or property condition
Acquisitions and refinances of stabilized property
Purchase loans and refinances of leased, operating property
- Executed purchase contract with all amendments
- Current mortgage statement and existing loan documents
- Copies of all leases and amendments
- Tenant estoppel certificates for major tenants
- Subordination, non-disturbance, and attornment agreements where required
- Multi-year operating history
- Property tax bills and any pending reassessment
- Insurance declarations and loss history
- Capital expenditure history and planned repairs
- Service contracts and the property management agreement
- Survey and existing title policy
Construction and heavy renovation
Ground-up construction and major repositioning with a construction budget
- Detailed hard and soft cost budget with contingency
- Construction schedule from start to certificate of occupancy
- Plans and specifications, with the architect's current set
- General contractor agreement, license, financials, and project history
- Entitlement approvals and building permit status
- Pro forma with lease-up or sales assumptions
- Market study or broker opinion supporting rents or sale prices
- Evidence of equity already invested in land and predevelopment
- Geotechnical report and environmental report
- Architect and engineer contracts
- Payment and performance bond information, if bonding is used
- Draw request process and title company draw procedures
- Sponsor development track record with completed projects
Bridge and transitional
Value-add, lease-up, repositioning, and short-term loans ahead of permanent debt or sale
- Written business plan with milestones
- Capital improvement budget by line item
- Leasing plan with market rent comparables
- Current and projected rent roll
- Exit strategy with the intended refinance or sale
- Sponsor track record on similar value-add projects
- Construction loan payoff and certificate of occupancy for newly built property
- Concession history and leasing velocity reports
- Operating shortfall and carry budget
- Existing loan maturity date and any extension terms
- Explanation of any past due items, liens, or disputes
SBA 504 and 7(a) owner-user
Owner-occupied property financed with SBA programs
- Business tax returns for recent years
- Year-to-date profit and loss statement and balance sheet
- Personal tax returns for each owner above the SBA's reporting threshold
- SBA borrower information forms
- Business debt schedule
- Business plan and projections, especially for newer businesses or expansions
- Evidence of owner occupancy for the space being financed
- Affiliate business information
- Operating company and real estate holding company documents
- Management resumes
- Source of down payment
- Environmental questionnaire or report
Hotels and operating businesses
Hotels, senior housing, car washes, gas stations, and other properties where the business drives value
- Monthly operating statements by department
- Third-party performance reports such as hotel STR reports
- Franchise agreement and any required improvement plan
- Management agreement and the operator's track record
- Licenses and permits needed to operate
- Capital expenditure history and reserve plan
- Revenue by source, such as rooms, food and beverage, fuel, or memberships
- Payroll and staffing summary
- Business tax returns reconciled to operating statements
- Equipment list and any equipment leases
- Environmental reports for fuel, dry cleaning, or other regulated uses
Entity and legal documents
Required at or before closing for most loans
- Articles of organization or incorporation for the borrower
- Operating agreement, partnership agreement, or bylaws
- Certificate of good standing
- Employer identification number confirmation
- Resolutions or consents authorizing the loan
- Ownership information for beneficial owners
- Government-issued identification for signers and guarantors
- Guarantor entity documents, if a guarantor is an entity
- Single-purpose entity provisions, if the lender requires them
- Pending litigation disclosure
- Ground lease, if the property sits on leased land
- Condominium, reciprocal easement, or association documents where applicable
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