Here’s a list of documents you need to gather and provide by category.
Purpose of the Loan
If a new acquisition, a copy of the Purchase Agreement
- If refinance of existing property, existing loan balance, amortization schedule and maturity date
- Amount of financing required, including details on the intended use of funds
Property Information
A detailed description of the property (age, location, nature of construction, number of units, suite mix, parking, details of building amenities)
- If existing property, three (3) years of historical detailed operating statements, noting actual income and expenses for the property
- Current rent roll, including occupancy date, monthly rent, amenities, unit size (sf), and any additional items included in the rent
- Property taxes, insurance, and utility invoices for the most recent 12-month period and/or current detailed operating statements for the property
- Copy of Environmental Site Assessment conducted post-construction within the past 12 months from an acceptable firm
- Copy of Appraisal report (if required) completed within the past 6 months from an acceptable firm
- Copy of Building Condition Assessment or Engineers Report (if required) completed within the past 12 months from an acceptable firm
Borrower & Guarantor Details
- Borrowing Entity
- Organizational chart, detailing company structure, key individuals, and reporting responsibilities
- Financial statements for the most recent three years
- Current credit report
- Validation of substantive asset values listed in the financial statements (tax assessments)
- Detailed real estate portfolio with comprehensive portfolio analysis
- Personal Net Worth Statement(s) (if required)
