Close

Not a member yet? Register now and get started.

lock and key

Sign in to your account.

Account Login

Forgot your password?

Multi-Family or Mixed-Use Property Checklist

Multi-Family or Mixed-Use Property Checklist

Multi-Family or Mixed-Use Property Loan Program

Each commercial mortgage loan is considered unique to property type, usage and borrower.  The Senior Commercial Capital Multi-Family or Mixed-Use 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 Multi-Family or Mixed-Use mortgage:

1. CURRENT RENT ROLL including:

  • Regulated units ( controlled, stabilized)
  • Apartment number
  • Room / Bathroom count

2. COMPLETE INCOME / EXPENSE STATEMENT on the property including:

  • Annual property taxes
  • Insurance
  • Water / Sewer
  • Fuel, Electricity
  • Maintenance / Repairs & Management

3. SUMMARY OF ALL COMMERCIAL LEASES (if any) that show expirations and escalations

4. COMPLETE, DETAILED PHYSICAL DESCRIPTION INCLUDING SQUARE FOOTAGE.

5. IF ACQUISITION, PLEASE PROVIDE A COPY OF FULLY EXECUTED CONTRACT OF SALE.

6. IF REFINANCE, PROVIDE THE ORIGINALLY PAID PRICE FOR PROPERTY, date of purchase and summary of current financing.

7. PHOTOS (at least 5)

8. SITE PLAN OR PROPERTY SURVEY, if available.

9. SUMMARY OF CURRENT FINANCING (refinance only) including:

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

10. CURRENT BUSINESS FINANCIAL STATEMENT

11. CURRENT PERSONAL FINANCIAL STATEMENT

12. LAST 2 YEAR PERSONAL AND BUSINESS TAX RETURNS

 


Leave a comment