Commercial Loans Basic Checklist

COVER LETTER A project Cover Letter directed to the Commercial loan officer you discussed your proposal with.

EXECUTIVE SUMMARY - Please provide an executive summary with a detail financial & business plan.

FEE AGREEMENT - Please sign our enclosed Fee Listing Agreement (we will forward if necessary).

APPLICATION - We will send it to you later if we accept your request- loan application.

CREDIT Sign Credit Authorization & Applicable form and fees for Per. & Bus. (Credit reports $75 per principal).

LOAN USE - Explanation or a one page Statement on how the funds will be utilized on this project.

RESOLUTION LETTER A Corporate Resolution Letter giving you the authorization to sign for the loan.

RESUMES - A. Resumes on all principal owners including property management.

RESUMES - B. Resumes on Architects (if new construction only)

RESUMES - C. Resumes on Construction Contractor (if new construction only)

COMPANY HISTORY - Provide a History on the Corporation (applicable)

CURRENT FINANCIAL STATEMENTS (2years Personal & Corporate)

TAX RETURNS Personal AS SUBMITTED TO THE IRS

TAX RETURNS Corporate AS SUBMITTED TO THE IRS

APPRAISAL (We need an MAI appraisal if project is over $250,000)

COLOR PHOTOS - or Artist's rendering color - if new construction only. (XEROXED Copies are not acceptable.)

DETAILED (P&L) Profit & Loss Statement, for three years on your existing properties.

PRO FORMA - Detailed 3year Proforma on the current business or property. (prepared by a CPA)

COST BREAKDOWN Detailed cost breakdown for the construction, (new construction only).

CORPORATE - Copy of your Partnership Agreement and/or Articles of Incorporation.

MARKET DATA Comparable Rentals & vacancy data for the area ( produced by MAI or Outside firm).