What documents do bank require before issuing an LOI ?

By
Real Estate Agent

Commercial banks requires a list of document such as 2 years of tax return,  personal financial statement, rent roll, pictures of the property, preliminary title report, income projections prior to issuing an LOI.  The requirements varied from bank to bank. Be sure to have these ready and talk with your CPA

 

Comments (6)

Chi Tran
Chi Tran - San Jose, CA
Thanks Nga ! I'm an Agent in San Jose, CA  not too far fro you :)
Oct 10, 2007 01:58 PM
Anonymous
Chi
Welcome to activerain. Nice to meet you, Chi.
Oct 10, 2007 03:12 PM
#2
Chi Tran
Chi Tran - San Jose, CA
Same here Nga.  How's the Commercial business coming along for you?
Oct 10, 2007 03:15 PM
Nga Nguyen
Milpitas, CA

hi Chi

It's going well for me, waiting for SBA loan to get approved and funded. I am searching for a top notch properties with good lease term for 3-4 people. I  have a customer who wants to buy a shopping center.

How are you doing and what you are working on ?

Oct 10, 2007 03:36 PM
Chi Tran
Chi Tran - San Jose, CA

Hi Nga !

That's really good that you're keeping yourself busy. I hope you close all your deals.  For me, I just started  to venture into Commercial Real Estate / Commercial Lending. Therefore learning as much as I can on Commercial deals. In addtion to commercial, i've been working in the short sale/foreclosure market and working with a few sellers that need to short sale their home.  Let me know how you're deals go.  Good luck !

Oct 10, 2007 06:38 PM
Anonymous
Chi
Thanks Chi. It's a different world with commercial.
Oct 11, 2007 03:56 AM
#6