The Standard Checklist of What You Need for Commercial Loans
No matter what type of business you run, there will likely come a time when you need to expand or develop your operations, whether to buy a second or larger location, update your capital equipment, or grow your inventory. In these instances, you will most likely need a Commercial Loans.
The vast majority of Commercial Loans lenders will want to verify your risk-level before extending a loan, which means they will want the following items submitted with your loan application.
- Current rent roll.
- Trailing Twelve Months – Also known as a TTM, T-12, or Trailing 12, this is basically a statement of the last 12 months of your income and expenses.
- Historical financial information from the past two to three years.
- Personal Financial Statement (PFS) – If you have over 20% ownership will need to provide documentation.
- Tax returns (both personal and business).
- Latest credit report.
- Schedule of Real Estate Owned – On a case by case basis, a lender may give you a form in which you indicate all the real estate you own, gross monthly rental income (if any), occupancy status, etc.
Note that these are the usual items you will be expected to furnish or prepare to obtain a commercial loan. Depending on the lender, your financial circumstances, and the type of loan you are seeking, the specific requirements may vary. That is why it is crucial to hire a mortgage broker who can connect you to the best possible options available and help guide you along the process.
Get a Commercial Loan Through Legacy Park Mortgage
If you want to renovate or expand your business or commercial property, or want to take advantage of the available equity, a commercial loan or refinance program may be right for you. At Legacy Park Mortgage, we will assist you to simplify the process by getting to know you and your business goals and present you with the commercial loan programs that are the best fit for your specific goals.
To learn more about our services, email us at firstname.lastname@example.org or call us at (305) 901-1791.