What your LO needs to see before you sell a Mixed-Use or Multi Family Property

LIST OF ITEMS REQUIRED TO UNDERWRITE A

MORTGAGE FOR A MULTI-FAMILY OR MIXED-USE PROPERTY

(The need for items #10-13 will vary according to each situation).

•1.       CURRENT RENT ROLL including:

Regulated units (controlled, stabilized)

Apartment numbers

Room/Bathroom Count

•2.       COMPLETE INCOME/EXPENSE STATEMENT on the property including:

Annual property taxes

Insurance

Water/Sewer

Fuel, Electricity

Maintenance/Repairs & Management

•3.       SUMMARY OF ALL COMMERCIAL LEASES (if any) showing escalations & expirations.

•4.       COMPLETE, DETAILED PHYSICAL DESCRIPTION INCLUDING SQUARE FOOTAGE.

•5.       IF ACQUISITION, PROVIDE COPY OF FULLY EXECUTED CONTRACT OF SALE.

•6.       IF REFI, PRICE ORIGINIALLY PAID FOR PROPERTY, date of purchase and summary of current financing.

•7.       PHOTOS, if available

•8.       SITE PLAN OR PROPERTY SURVEY, if available.

•9.       SUMMARY OF CURRENT FINANCING (refinance only) including:

Current Lender

Current principle balance

Current interest rate

Current monthly payment

Maturity date

Prepayment penalty information

•10.    CURRENT PERSONAL FINANCIAL STATEMENT (where applicable)

•11.    CURRENT BUSINESS FINANCIAL STATEMENT (where applicable)

•12.    LAST TWO (2) YEAR'S PERSONAL TAX RETURNS (where applicable)

•13.    LAST TWO (2) YEAR'S BUSINESS TAX RETURNS (where applicable)

•14.    PERMISSION TO RUN CREDIT REPORT(S)

Our team is located in Minneapolis, Minnesota

and

Originates commercial mortgage loans in both Wisconsin and Minnesota

Contact US

 612-578-9898

Learn more about commercial mortgage loan programs available in the Minneapolis & St Paul, MN Metro area that can help those looking to secure purchase rehab mortgage loans for properties that do not qualify for programs like private/hard money loans or the FHA 203K rehab mortgage loan.

Commercial Mortgage, Commercial Purchase Loan, Commercial Refinance Loan, Apartment Mortgage, Commercial Purchase Loan, Commercial Refinance Loan, Commercial Mortgage Lending, Commercial Purchase Lending, Commercial Refinance Lending, Commercial Mortgage Loan Lending, Commercial Purchase Lending, Hard Money Lending, Private Money Lending, Asset Based Lending, Equity Lending, Collateral Based Lending