Commercial Real Estate Loans

Borrower/Guarantor: 

  1. Personal Financial Statement for borrower/guarantor on LAF approved form.
  2. Commercial Mortgage Loan Application & Credit Release Authorization.
  3. Complete Personal Tax Returns (signed) for the last three (3) years for

borrower/guarantor(s) or latest income tax extension filed.   

  1. Verification of liquid assets to close –three months bank statements.          
  2. Personal resumes or background information for borrowers/guarantors as applicable.
  3. 6 Copy of Driver’s License or Passport.

 Foreign Nationals

  1. Three (3) trade and bank references.
  2. Proof of address other than Passport such as utility bill, voter’s registration etc.

If  Borrower is a Corporation

1.  Complete Corporate Tax Returns (Signed) for the last three (3) years or extension filed (if applicable) or Audited Financial Statements for the last 3 years with latest interim.
2.  Articles of Incorporation for the borrowing entity.
3.  Clear breakdown of ownership of the borrowing entity (Operation Agreement).

 

Property:

1.  Copy of full executed Purchase & Sale Contract.
2.  Current Rent Roll certified as correct by the current property owner.          
3.  Statement of operating expenses.
4.  Copies of leases (if applicable).
5.  Copy of escrow letter or cancelled checks given as deposit

After a complete package has been submitted, allow at least two weeks to receive a commitment letter. Once a commitment letter has been accepted by the borrower and returned to us, an appraisal form LAF approved commercial real estate appraiser list (list available from lender) will be ordered (at borrower’s expense).  Appraisals on commercial properties may take up to five to six weeks.

Additional items which will be needed prior to closing:

1.  Phase I Environmental Audit of Environmental Insurance (check with Lender)
2.  Building Inspection (to cover the roof, structure, electrical and plumbing)
3.  Building recertification if applicable.

 

Loan Program:

25 year amortization with a 10 year balloon.  The interest rate will be fixed for the first 5 years at 6.00%;  for the second 5 year period the rate will be based on the 1 year Libor plus a margin of 3.25% adjusted yearly with a floor of start rate. Maximum Loan to Value 70% (LTV).



Mortgage Rates Current Mortgage Rates Get Widgets

News Letter Sign up