Checklist for Commercial Loans

If you’re a business owner and need a commercial property mortgage, you’ll need to have quite a bit of documentation ready before you speak to a mortgage broker. At CMI Capital we want to make sure that your commercial mortgage process goes as quickly and smoothly as possible, and being prepared will definitely help with that. Here’s a checklist you can follow for commercial mortgage loans, so that you will be.

o Personal information. Even though you’re applying for a commercial property mortgage, lenders will probably also require that you provide them with personal background information including any previous names or addresses, any criminal record you may have, and your educational background.

o Resumes. Although it doesn’t happen often, some lenders might require resumes for commercial mortgage financing. Your resume should outline any previous management or business ownership experience that you have. These are usually only required for businesses that are just starting up.

o Business plan. Whether you’ve just started out in your business or you’ve been up and running for years, any lender is going to need a business plan along with the commercial mortgage loan application. The plan should outline your projected financial statements, cash flow, and a balance sheet.

o Personal and business credit reports. Even before you submit a commercial mortgage loan application to any lender, you should obtain a credit report for both you personally and your business. At CMI, we can contact the three credit reporting agencies for you to get all of the reports necessary.

o Income tax returns. When you are applying for commercial mortgage financing, lenders will generally require that you also submit income tax returns for yourself personally, and for your business.

o Financial statements. When it comes to the financial statements that commercial property mortgage lenders will require, there are many. From balance sheets to projected financial statements to signed personal financial statements, if you have any kind of financial statements, bring them when you’re applying for the commercial mortgage loan. And if you’re unsure as to what you actually need, or if you need to bring them, contact us at CMI Capital and we’ll let you know.

o Legal documents. Just like bank statements, there are many kinds of legal documents that you will need when applying for a commercial mortgage loan. Business licenses, articles of incorporation, copies of contracts with third parties, commercial leases, and franchise agreements will be needed.

While this is a checklist of the main documents a commercial mortgage loan might require even more. When you want to be sure that you’re ready to apply for a commercial mortgage, give us a call at CMI Capital. We’ll fill you in on what you’ll need for any particular lender you want to work with – and we’ll do all the legwork for you, too!

 

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