Commercial / Mixed Use Property Checklist

This checklist is provided for the most commonly required items for Commercial or Mixed-Use financing. No two transactions are ever exactly alike, but the following list will provide guidelines for the initial items we will require to begin underwriting. Additional items may be requested or items may not be required. If you are unsure whether an item is applicable to your situation, please contact us to discuss.

Current Rent Roll - Including

  • Tenant Name and Address
  • Square footage
  • Lease commencement and expiration
  • Any lease concessions in effect

Current Year-to-Date Operating Statement for Property - Including

  • All sources of income
  • Property Taxes
  • Insurance
  • Utilities
  • Repairs and Maintenance
  • CAM
  • Management/Professional Fees
  • Leasing commissions and tenant improvements

Prior Two (2) Year-End Operating Statements for Property - Including

  • All sources of income
  • Property Taxes
  • Insurance
  • Utilities
  • Repairs and Maintenance
  • CAM
  • Management/Professional Fees
  • Leasing commissions and tenant improvements

Narrative Description of Property

  • Include a full description of the property including age, land size, and improvements including square footage. The best source for this information is an existing appraisal, if available.

Information regarding management contract and company, if separate from borrower.

Copy of Sale Contract if this is a purchase transaction.

If refinancing, provide the original purchase price for the property, and details pertaining to the existing debt including lender, balance and terms including pre-payment terms.

Photos of property, inside and out, electronic preferred.

Survey or Site Plan, if available.

Current Personal Financial Statement for borrowers with >10% ownership.

Prior Two (2) years Federal Income Tax returns for borrowers with >10% ownership.

Summary of Capital Improvements to property for the past three (3) years, if available.

 

Sample Transactions

Heatherwood Apartments

Heatherwood Apartments
Overland Park, Kansas
$2,560,000

View More Transactions
 

Current Rates (07/30/2010)

  • Apartments 4.84%
  • Mobile Home Park 5.04%
  • Anchored Retail 5.49%
  • Non-Anchored Center 5.14%
  • Single Tenant Retail 5.09%
  • Office 5.14%
  • Industrial / Flex 5.04%
  • Self-Storage 5.44%
  • Medical Office 4.94%
  • Hotel 6.94%
  • Owner Occupied 4.94%
  • Land 8.94%
  • Other 6.69%

Rates are based on a $2 million loan, 25 year amortization, 10 year fixed rate term. For apartment complexes, a 30 year amortization is available.

 

Current News

The Second Quarter Ended on a Soft Note

The economic data out of Europe also brightened significantly, reducing market fears of a double-dip in Europe.