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Hotel and Hospitality Financing Checklist

Hotel and Hospitality Financing Checklist

Each commercial mortgage loan is considered unique to property type, usage and borrower.  The Senior Commercial Capital Hotel and Hospitality financing loan process begins with your submission of the following:

Executive Summary

Senior Commercial Capital Loan Setup Form

Statement of Understanding with Senior Commercial Capital

When these three executed documents are submitted to your Senior Commercial Capital Account Executive, the pre approval process will begin.

At the time of approval and your commitment to the loan processing, underwriting will begin to request further documentation and information to complete the loan.

Below is the checklist of documents you will need to have ready to submit to underwriting for your Hotel and Hospitality Financing:

1. INCOME/EXPENSE STATEMENT for the last 3 years with monthly and annual figures.

2. SUMMARY OF ALL COMMERCIAL OR DEPARTMENTAL LEASES (if any) showing escalations and expirations, and the summary of the terms of any franchise agreements.

3. COMPLETE, DETAILED PHYSICAL DESCRIPTION INCLUDING SQUARE FOOTAGE.

4. IF ACQUISITION, PROVIDE COPY OF FULL EXECUTED CONTRACT OF SALE.

5. IF REFINANCE, PROVIDE THE ORIGINALLY PAID PRICE FOR THE PROPERTY, date originally purchased and summary of current financing.

6. PHOTOS (at least 5)

7. PROPERTY SURVEY OR SITE PLAN

8. SUMMARY OF CURRENT FINANCING (for refinance only) including:

  • Current Lender
  • Current principal balance
  • Current interest rate
  • Current monthly payment
  • Maturity date
  • Prepayment penalty information

9. CURRENT PERSONAL FINANCIAL STATEMENT

10. LAST THREE YEARS’ BUSINESS TAX RETURNS

11. BACKGROUND / BIO FOR EACH PARTNER AND FOR THE OWNERSHIP ENTITY EMPHASIZING HOTEL / HOSPITALITY INDUSTRY / REAL ESTATE EXPERIENCE

12. BACKGROUND INFO ON MANAGEMENT COMPANY, only if separate from ownership.

13. RENOVATION HISTORY FOR AT LEAST 3 YEARS with project descriptions and the approximate amount paid for each.

14. CURRENT BUSINESS FINANCIAL STATEMENT

15. LAST TWO YEARS PERSONAL TAX RETURNS

 

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