Loan Basics - Checklist

Application Checklist - Multifamily

Below is a list of documents that are required when you apply for a commercial mortgage. However, every situation is unique and you may be required to provide additional documentation. So, if you are asked for more information, please be cooperative and provide the information requested as soon as possible. It will help speed up the loan application process.

General Items:

  • Rent Roll - Signed, Dated & Certified
  • Income & Expense (P&L’s) - 2009, 2010, & Year to Date - Signed, Dated & Certified
  • Sample Rental Agreement - Subject Property
  • Management Agreement - Subject Property
  • Laundry Lease & any other Subject Property Leases
  • Mortgage Statement(s) - Current stmt & last year end stmt (for all loans)
  • Hazard Insurance – Subject Property - Acord 25S & Acord 28
  • Hazard Insurance Premium(s) – all properties
  • Statements - Bank Accounts, Stocks, Bonds, IRA’s, etc. - 2 Months each (all pages)
  • If Purchase - Copy of Buyer & Seller Executed Purchase Agreement, along with all offers and counter offers and a copy of the Escrow Instructions
  • Photos - Front, Back, Sides, Interior of some Units, Parking Area, etc.
  • Photos - Street Views: North, South, East & West
  • History of Subject Property

Limited Liability Companies (LLCs):

  • Filed copy Articles of Organization (LLC-1 or LLC-10 if restated) with all filed amendments (LLC-2)
  • Filed copy Statement of Information (LLC-12) along with all filed amendments (LLC-11)
  • Operating Agreement – Signed, include all exhibits, schedules, and amendments
  • Statement of Real Estate Owned (SREO) – Borrowing Entity
  • Balance Sheet – Borrowing Entity
  • P&L – 2009, 2010, & Year to Date – Borrowing Entity
  • Federal Tax Returns – 3 Years
  • IRS Form 8821

Managing Member(s), Member(s) with a 25% Interest, & Individual Applicants:

  • Personal Financial Statement
  • Schedule of Real Estate Owned (SREO) - Personal
  • P&L – 2010 & Year to Date (if self-employed), OR 2010 W-2 and recent two paystubs (if employed)
  • Mortgage Statement(s) - All Properties
  • Hazard Insurance Premium(s) - All Properties
  • Property Tax Bill(s) - All Properties
  • Homeowner’s Association Statement(s) - All Properties (if applicable)
 
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