Typical Submission Documents

Kevin Stone International — Sat, 01 Aug 2009 17:27:01 +0000

When the borrower makes their decision to work with a commercial mortgage professional, they should start gathering and preparing their submission documents. The borrower should be prepared to submit a majority of the following documents. It is strongly advised not to commission third party reports until you have spoken with your commercial mortgage professional.

Appraisal (most recent)
Bank Statements: 3 months
Budget Projections / Pro Forma
Credit Report
Executive/Project Summary
Lease Agreement(s)
Personal Financial Statement
Photographs
Purchase Agreement
Resume of guarantor or principal
Tax Returns: 2 years business and personal
Use / Source Analysis

Identifying a Strong Deal

Kevin Stone International — Sat, 01 Aug 2009 17:25:58 +0000

In today’s market over eighty – five percent (85%) of the loans submitted by a business owner, developer, entrepreneur, or a non experienced person are turned down (rejected). A rejected submission can often be related to an incomplete submission packet, conflicting information, and/or the lack of information. A commercial mortgage professional works with the client to make certain the most accurate, fluid, and detailed submission packet is prepared for the lender to review. Working with a professional service provider only serves to reflect well on the borrower and dramatically increases their chances of approval. Prior to submission the commercial mortgage professional will typically assess the strength of the project by reviewing many or all of the following:

Cash on Hand
Feasibility Study
Good Credit History
Majority Ownership
Personal equity contribution
Relative Experience
Solid Management Team
Strong Business Financials
Strong Exit Strategy
Strong Personal Financials