Loans To Purchase Commercial Properties

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o Appraisal
o Current rent roll (certified by owner with date)
o Current leases (including owner occupied lease) w/ estoppel certificate
o Past 2 years’ operating statements certified by owner
o Purchase contract
o Color photos of subject property
o Evidence of zoning compliance
o Certificate of occupancy
o Completed and signed Commercial Loan Application
o If applicable, prior and current bankruptcy information with plan and/or discharge and/or credit explanation letters
o Last 2 years complete signed personal IRS tax returns borrower.
o If the seller is not an individual then articles of organization, by-laws, secretary certificate or corporate resolution & certificate of good standing from the state.
o Flood certification. A separate flood policy is necessary if the flood cert designates the property to be in a special flood hazard zone.
o Environmental report.  Environmental insurance may sometimes be substituted.
o A survey which must state the square footage of the structure and must be certified to the lender and its successors and/or assigns.
o Marked up copy of title commitment or policy with exceptions and underlying documents
o Current Tax Bills for escrow.

If this is more than the Lender requires, that is great, because you will be more favorably considered by giving them MORE than they asked for!  Obviously, you will need a sizeable down payment (or equity); no less than 10% and preferably, 20%.