Owner-Occupied Real Estate Checklist
This checklist is provided for the most commonly required items for Owner Occupied Property 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 Balance Sheet and Current Year-to-Date Income Statement for the business.
Prior Three (3) years Income Statements for the business.
Income and Expense Statement for the property - Including
- Property Taxes
- Insurance
- Utilities
- Repairs and Maintenance
- Management/Professional Fees
Summary of Leases, if any, showing all lease terms including expiration and escalations. 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.
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.
Description and History of the business.
Resume for all principals of the business.
Current Personal Financial Statement for borrowers with >10% ownership of the business.
- Click here to download form, if needed
Prior Two (2) years Federal Income Tax returns for principals with >10% ownership of the business.
Prior Two (2) years Federal Income Tax return for the business.
Summary of Capital Improvements to property for the past three (3) years, if available.
Current Rates (05/09/2008)
- Apartments 6.00%
- Mobile Home Park 6.10%
- Anchored Retail 6.25%
- Non-Anchored Center 6.25%
- Single Tenant Retail 6.25%
- Office 6.25%
- Industrial / Flex 6.25%
- Self-Storage 6.55%
- Medical Office 5.90%
- Hotel 6.75%
Rates are based on a $2 million loan, 30 year amortization, 10-year fixed rate term.
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