Document Checklists
What lenders will ask for.
Download a checklist for your loan type and start gathering documents. Having these ready shortens the process by weeks.
Acquisition Financing
Typical items lenders request for a commercial or investment property purchase. Not every lender asks for every item.
Preview the list
The property
- Executed purchase and sale agreement and any amendments
- Trailing 12 month operating statement and the prior two years
- Current rent roll with lease dates, rents, and deposits
- Copies of major leases (commercial)
- Seller's property tax bills and insurance declarations
- Property photos and a list of recent capital improvements
- Offering memorandum or broker package, if any
Your plan
- Sources and uses of funds
- Business plan and pro forma, including any renovation budget and timeline
- Property management plan and manager resume
Borrower and guarantors
- Entity documents: articles, operating agreement, EIN letter, certificate of good standing
- Organizational chart showing ownership percentages
- Personal financial statement for each guarantor
- Schedule of real estate owned
- Two years of personal and business tax returns
- Two to three months of bank and brokerage statements showing liquidity
- Government issued photo ID for each guarantor
Refinance
Typical items lenders request to refinance an existing commercial or investment property loan.
Preview the list
The property
- Trailing 12 month operating statement and the prior two years
- Current rent roll and copies of major leases
- Current mortgage statement and the existing loan documents or note
- Payoff letter or estimated payoff, including any prepayment penalty
- Property tax bills and insurance declarations
- Settlement statement from the original purchase
- List and cost of capital improvements since acquisition
Borrower and guarantors
- Entity documents and organizational chart
- Personal financial statement and schedule of real estate owned
- Two years of personal and business tax returns
- Recent bank and brokerage statements showing liquidity
- Government issued photo ID for each guarantor
Purpose
- Use of any cash out proceeds
- Explanation of any late payments, covenant issues, or loan modifications
Construction and Development
Typical items lenders request for ground up construction or heavy renovation.
Preview the list
The project
- Site control: deed or purchase agreement
- Approved or submitted plans and specifications
- Entitlement and permit status
- Detailed hard and soft cost budget with contingency
- Construction schedule and draw schedule
- General contractor agreement, license, insurance, and references
- Architect and engineer agreements
- Market study, appraisal, or comparable sales and rents
- Environmental and geotechnical reports, if completed
The business plan
- Sources and uses, including equity contributed to date
- Pro forma for lease up or sell out
- Exit plan: sale, refinance, or hold
Sponsor
- Track record of completed projects with costs, timelines, and outcomes
- Entity documents and organizational chart
- Personal financial statement and schedule of real estate owned
- Two years of tax returns and recent liquidity statements
Business Credit and SBA
Typical items lenders request for business loans, lines of credit, and SBA financing.
Preview the list
The business
- Three years of business tax returns
- Year to date profit and loss statement and balance sheet
- Accounts receivable and payable aging reports
- Six to twelve months of business bank statements
- Debt schedule listing every existing loan and lease
- Business plan or summary of how the funds will be used
- Entity documents, licenses, and EIN letter
For an acquisition
- Letter of intent or purchase agreement
- Seller's last three years of tax returns and interim financials
- Valuation or quality of earnings report, if available
Owners
- Personal financial statement for each owner of 20% or more
- Three years of personal tax returns
- Resume showing industry and management experience
- Government issued photo ID
Lenders may request additional items. These checklists are not a commitment to lend.