Commercial Mortgage Lenders

If you are looking for a commercial mortgage loan it helps to know exactly what commercial mortgage lenders are looking for in advance so that you can have all your “ducks in a row.”

To make sure your commercial loan application flows smoothly and closes in a timely manor you need to make sure your preparation is 100% complete.

With a commercial mortgage lender the best way to make sure everything goes as planned is to make sure you are prepared with everything that is needed before the lender even asks for it. That way you can save a lot of time and effort when it comes time to do the paperwork.

The list of paper work needed for your commercial mortgage lender to look over is listed below:

• 3 years of both business and personal tax returns
• Paper work documenting any tax extensions
• 3 months worth of recent bank statements
• Your personal financial statements: These need to have been updated within 60 days.
• Your year to date business operating statements
• If your property is or will be self managed you will need a copy of your resume
• Your property management company’s resume if you will use a management company
• A letter of explanation for any derogatory credit you may have
• Schedule of real estate holdings – include purchase date, purchase price, and current mortgage amount
• A copy of the property’s rent roll
• Any leases held by the property
• Any income and expense statements of the property
• If the property has a single or anchor tenant you will need the tenant financial statements

If you are trying to purchase a commercial property through a commercial mortgage lender you will need:

• Valid purchase contract
• Verification of escrow
• Selling agent contact information
• Property insurance information

If you are trying to refinance with a commercial mortgage lender you will need:

• Payoff information
• Title policy
• Survey
• Property insurance
• You will also need any subordinate loan information if the property has a subordinate loan.

Even with all of the paper work in order you still may not be able to close on your commercial loan within a month.

Your commercial mortgage lender will need a commercial appraisal done on the property and this alone can take 3 weeks or longer to have done. It may not be easy to get the loan to close in 30 days but it can be done.

To get a loan to close fast, though, you will have to move fast yourself. Start with making sure you are dealing directly with experienced commercial mortgage lenders for the type of loan you need.

If the lender usually makes loans on residential properties then you may be able to close the loan but it may take longer then 30 days so choose one that specializes in the loan you need.

Make sure you check and double check that you have all the information and paperwork handy.

Ask the commercial mortgage lender several times to double check their needs so you can gather the information. It is a unnecessary delay if something is forgotten until the last minute.