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Commercial Loan Checklist:

Property Requirements:

  • Copy of the Purchase and Sale Agreement (if applicable)
  • For a Refinance, a copy of the Deed and most recent tax bill
  • Last 2 years Property Income and Expense Statement
  • Current Rent Roll/Lease summary and copies of rental agreements
  • Copy of Insurance Declaration page
  • Current pictures of the subject property
  • Copy of recent appraisal (if available)
  • Copy of Phase 1 environmental (if available)

Credit Requirements:

  • Fully completed commercial loan application
  • Fully completed personal financial statement for all owners of at least 10%
  • Fully completed schedule of real estate owned for all borrowers – include monthly income & expense
  • Last 2 years W2 statements for each borrower
  • Last 2 years signed personal tax returns including all schedules
  • Most recent 3 months bank statements and other liquid asset statements
  • Letter of explanation for any credit issues
  • If self-employed, last 2 years business tax returns and year to date Profit & Loss and Balance Sheet
  • Copy of Borrowing Entity’s corporate docs (including but not limited to: Articles, Operating Agreement, By-Laws, Cert of Good Standing, names and addresses of all members with % of ownership, Business Cert., Resolution of board regarding signatory and authorization of transaction)
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