Every request: sponsor, property, and request basics

All commercial loan requests

Loan request summary with amount, purpose, desired term, and timing
Lenders screen the request against their program before they spend time on the file.
Sources and uses of funds
It shows where every dollar comes from and goes, including how much equity the sponsor is contributing.
Property address, photos, and a short property description
Lenders need to confirm the asset type, location, and condition fit what they finance.
Sponsor resume showing ownership and operating history
Lenders underwrite the people as closely as the property and look for experience with similar assets.
Personal financial statement for each guarantor
It shows the net worth and liquidity that stand behind any guaranty.
Schedule of real estate owned with debt on each property
Lenders check existing obligations, contingent liabilities, and how the sponsor's other properties perform.
Proof of liquidity such as recent bank or brokerage statements
Stated liquidity has to be verified before a lender relies on it.
Authorization for credit and background checks on principals
Lenders review credit history, litigation, bankruptcies, and prior defaults on key principals.
Current rent roll or occupancy report, if the property is income-producing
In-place income is the starting point for sizing most loans.
Trailing operating statements and the current year budget
Lenders build their own view of net operating income from actual history.
Organizational chart of the borrowing entity and its owners
Lenders need to know who owns and controls the borrower before they can complete compliance checks.
Existing third-party reports such as appraisal, environmental, or property condition
Recent reports help lenders spot issues early and can sometimes be updated instead of reordered.

Acquisitions and refinances of stabilized property

Purchase loans and refinances of leased, operating property

Executed purchase contract with all amendments
The contract sets the price, closing deadline, and seller obligations the loan has to work around.
Current mortgage statement and existing loan documents
Lenders confirm the payoff amount and check for prepayment penalties or defeasance requirements.
Copies of all leases and amendments
Lenders read lease terms, renewal and termination options, and rent escalations instead of relying on the rent roll alone.
Tenant estoppel certificates for major tenants
Tenants confirm their lease terms and that no defaults or disputes exist.
Subordination, non-disturbance, and attornment agreements where required
They set out how leases and the new mortgage relate if the lender ever has to take the property.
Multi-year operating history
Lenders look for stable or improving income and question unexplained swings.
Property tax bills and any pending reassessment
Taxes are a major expense, and a sale can trigger a higher assessment.
Insurance declarations and loss history
Lenders confirm coverage can meet their requirements and check for prior claims.
Capital expenditure history and planned repairs
Deferred maintenance can lead to repair reserves or lower proceeds.
Service contracts and the property management agreement
Lenders review ongoing obligations and who is responsible for running the property.
Survey and existing title policy
They show boundaries, easements, and encumbrances before new title work is ordered.

Construction and heavy renovation

Ground-up construction and major repositioning with a construction budget

Detailed hard and soft cost budget with contingency
Lenders test whether the budget is complete, because overruns fall on the sponsor.
Construction schedule from start to certificate of occupancy
The schedule drives the loan term, interest reserve, and draw timing.
Plans and specifications, with the architect's current set
The lender's construction consultant reviews them against the budget.
General contractor agreement, license, financials, and project history
The contractor's capacity to finish on budget is a core construction risk.
Entitlement approvals and building permit status
Lenders want certainty that the project can legally be built as designed.
Pro forma with lease-up or sales assumptions
Lenders test how the completed project will repay or refinance the loan.
Market study or broker opinion supporting rents or sale prices
Third-party support gives the lender more confidence in the pro forma.
Evidence of equity already invested in land and predevelopment
Lenders typically require sponsor equity to go in ahead of loan funds.
Geotechnical report and environmental report
Soil and environmental conditions can add cost or stop a project.
Architect and engineer contracts
Lenders may take an assignment of design contracts so the project can be finished if the borrower defaults.
Payment and performance bond information, if bonding is used
Bonds can protect against contractor failure and some lenders ask about them.
Draw request process and title company draw procedures
Lenders need a controlled way to fund against completed work and clear lien rights.
Sponsor development track record with completed projects
Lenders look for experience completing projects of similar type, size, and complexity.

Bridge and transitional

Value-add, lease-up, repositioning, and short-term loans ahead of permanent debt or sale

Written business plan with milestones
Bridge lenders underwrite the plan to improve the property as much as its current income.
Capital improvement budget by line item
Lenders size any renovation holdback and track funding against the work.
Leasing plan with market rent comparables
Lenders test whether the projected rents and lease-up pace are realistic.
Current and projected rent roll
It shows the gap between in-place income and the income the plan is meant to create.
Exit strategy with the intended refinance or sale
Short-term lenders need a clear path to repayment at maturity.
Sponsor track record on similar value-add projects
Execution risk is the main risk in a transitional loan.
Construction loan payoff and certificate of occupancy for newly built property
A lease-up bridge loan usually has to retire the construction loan on a completed building.
Concession history and leasing velocity reports
Recent leasing activity is the best evidence the plan is working.
Operating shortfall and carry budget
Lenders want to see how the property will cover costs until income stabilizes.
Existing loan maturity date and any extension terms
Lenders look at timing pressure and whether the current lender is cooperating.
Explanation of any past due items, liens, or disputes
Transitional properties often carry issues, and disclosure up front avoids late-stage surprises.

SBA 504 and 7(a) owner-user

Owner-occupied property financed with SBA programs

Business tax returns for recent years
SBA lenders underwrite the operating business cash flow that will repay the loan.
Year-to-date profit and loss statement and balance sheet
Lenders need current performance, not just the last filed return.
Personal tax returns for each owner above the SBA's reporting threshold
SBA rules require personal information and guaranties from qualifying owners.
SBA borrower information forms
The SBA requires its own forms covering ownership, eligibility, and background.
Business debt schedule
Lenders measure total business obligations and repayment capacity.
Business plan and projections, especially for newer businesses or expansions
Lenders need support for cash flow that has not yet shown up in historical results.
Evidence of owner occupancy for the space being financed
SBA real estate programs require the business to occupy the property.
Affiliate business information
SBA size standards and eligibility consider affiliated companies.
Operating company and real estate holding company documents
Many owner-users hold property in a separate entity that leases to the business, and both must be documented.
Management resumes
Lenders look at whether the people running the business have relevant experience.
Source of down payment
Equity injection has to be documented and verified under SBA rules.
Environmental questionnaire or report
SBA environmental requirements depend on the property's current and past use.

Hotels and operating businesses

Hotels, senior housing, car washes, gas stations, and other properties where the business drives value

Monthly operating statements by department
Lenders analyze revenue and expense lines because the business, not a lease, pays the debt.
Third-party performance reports such as hotel STR reports
They compare the property's results with its competitive set.
Franchise agreement and any required improvement plan
Brand affiliation, term, and required renovations affect value and cash flow.
Management agreement and the operator's track record
Operator quality is a central risk for operating properties.
Licenses and permits needed to operate
Lenders confirm the business can legally run, including state health or fuel licenses where relevant.
Capital expenditure history and reserve plan
Operating properties need regular reinvestment and lenders often require reserves for it.
Revenue by source, such as rooms, food and beverage, fuel, or memberships
Lenders weigh stable revenue differently from volatile revenue.
Payroll and staffing summary
Labor is often the largest expense in an operating business.
Business tax returns reconciled to operating statements
Lenders check that reported results match what was filed.
Equipment list and any equipment leases
Lenders need to know what equipment is owned, leased, or encumbered.
Environmental reports for fuel, dry cleaning, or other regulated uses
Some operating uses carry environmental risk that can affect lender eligibility.

Entity and legal documents

Required at or before closing for most loans

Articles of organization or incorporation for the borrower
Lenders confirm the borrowing entity legally exists.
Operating agreement, partnership agreement, or bylaws
They show who can sign for the borrower and whether any approvals are needed.
Certificate of good standing
It confirms the entity is current with its state filings.
Employer identification number confirmation
Lenders use it for identity verification and tax reporting.
Resolutions or consents authorizing the loan
They prove the entity approved the borrowing and the people signing.
Ownership information for beneficial owners
Lenders must identify the people who own or control the borrower under anti-money laundering rules.
Government-issued identification for signers and guarantors
Lenders verify identity before closing.
Guarantor entity documents, if a guarantor is an entity
An entity guarantor needs the same authority documents as the borrower.
Single-purpose entity provisions, if the lender requires them
Some lenders require a borrower that owns only the financed property to reduce outside claims.
Pending litigation disclosure
Lawsuits involving the borrower, sponsor, or property can affect repayment or title.
Ground lease, if the property sits on leased land
Lenders need to confirm the ground lease term and protections support a mortgage.
Condominium, reciprocal easement, or association documents where applicable
Shared ownership and use agreements can limit what the owner and lender can do.

Lender-Ready Commercial Loan Package Checklist