Documents Needed for Commercial Loan Applications

Here is a list of the information that most commercial mortgage lenders will use to consider your loan application. Please note that this list is NOT all-inclusive. Other documents may be required as the underwriting process continues.  Also note that there is a growing class of small commercial loan lenders (less than $1M) who offer Reduced Document loan programs.

• Social Security Number, for borrower and co-borrower, if any.
• Employment History for the last two years, employment dates, addresses, salary, current pay stubs or W-2 forms if employed.
• Check and Savings Accounts and Certificates of Deposit -
  Location of bank accounts, account numbers and balances;
  Address of bank if out of town
  Last 3 months' statements
• Stocks, Bonds, and Investment Accounts -
  Broker's name and address, description of stocks, bonds, etc.
  Last 3 months' statements or copies of stock certificates
• Life Insurance Policies -
  Insurance company, policy number, face amount, cash value, if any
• Retirement Plan -
  Approximate vested interest value
  Copy of latest statement
• Automobiles -
  Make and model, their resale value
• Other Assets
  Market value of personal and household property
• Liabilities and Other Non-Mortgage Debt -
  Creditors names, addresses, account numbers
  Monthly payments and balances

• If you're self-employed:
  Two years tax returns, profit and loss statements, both company and personal if separate.  This applies to ALL entities in which you have a 20% or more ownership stake, and include your K-1's.
  Current balance sheet and profit and loss statement if more than two months into the new fiscal year. 
• If you have income from:
  Commission
  Overtime
  Bonus
  Partnership
  Rental Property
  Trust
  Notes Receivable
  Interest/Dividends
  You'll need two years' personal federal tax returns.
• If employed in family business:
  Personal federal income tax returns and all schedules for the past two years
• If divorced or separated:
  Complete executed divorce decree and settlement agreement.
  Payment history of alimony/child support over the past 12 months, if it is a financial obligation.
  If you choose to have this be considered as part of your income (you don't have to), be prepared to provide 12 months canceled checks or bank statements reflecting income deposits.

• A completed Schedule of Real Estate including the name and address of all mortgage lenders, account numbers, monthly payments, and loan balances.
• Most recent month's mortgage statement for a property being refinanced.
• A Lease Summary or Rent Roll (apartments).
• Two complete years of Income and Expense statements and a year to date income and expense statement if more than two months into the new year on the property.
• If you've sold your home or other property but not closed:
  A copy of the sales contract
• If you've sold your home or other property, closed, and you will use the proceeds for your new down payment:
  A copy of the HUD-1 Uniform Settlement Statement.
• If you are in a 1031 Exchange:  A copy of the Accommodator's statement.

• For Land Development
• A copy of the Settlement Statement and a breakdown of the cost of entitlements.
• For A Construction Loan
  Signed construction with cost breakdown, approved plans and specifications, contractor's pocket license, contractor's Workman's Compensation and Liability Insurance declarations pages, signed contractor's contract, signed architect's agreement (if applicable).