Increase your likelihood of getting the loan you need by compiling a complete loan package.
Success often lies at the intersection of preparation and opportunity. When searching for a commercial property loan, an opportunity has likely already presented itself – and with a little preparation, you will be better positioned to capitalize on it.
Obtaining a commercial loan is a more complex and time-consuming process than most residential loans. Timing is key – being prepared can save you time and allow you to close on a tight timeline. Having all relevant information and documentation ready in advance of approaching a lender may even result in more favorable loan terms. Uncertainty and unanswered questions represent risk to a lender, so present the most complete picture possible.
Whether working with a bank or a private money lender, commercial lenders will require most of the same information. The list below can be used as a starting point for creating a compelling loan request.
- Purchase and sale agreement (if applicable)
- Environmental reports
- Building inspection reports
- Photos or renderings
- Recent appraisals
- Evidence of any recently completed capital improvements
- Rent Roll and/or leases
- Profit and loss statement for prior years
- Bank statements
- Tax returns
Renovation and Construction Information (if applicable)
- Budget with bids
- Construction timeline
Personal Financial Information
- Personal financial statement
- Personal tax returns
- Bank statements
- Credit reports
Preparing your commercial loan request package in advance of approaching lenders will streamline the process, reduce the need for additional document requests during underwriting, and increase your likelihood of getting the loan you need. At Juniper Capital, we are always happy to answer any questions you may have and walk you through the process. As Seattle hard money lenders, we are experts in Seattle real estate loans, private commercial real estate loans, and more. Contact us to start the conversation today.