Applying for a commercial mortgage shouldn’t take all day. Unfortunately, it can often feel that way for borrowers, especially when they aren’t sure what they need to fill out in terms of commercial mortgage documetns, and how much documentation a lender requires.
The 3 Commercial Mortgage Documents You Need
Commercial Direct is here to simplify things. Here are the documents you need to provide before we can review and approve your funding request:
1. Completed Loan Application
No surprise here. Commercial Direct’s mortgage experts can’t begin to review your request until they receive some basic information about you and the commercial property in question.
Fortunately, our application only takes about 30 minutes to complete. And since life won’t pause itself while you fill out forms, we save your application after every section you finish.
Full disclosure: our application contains 11 sections. But many of them can be completed in a few minutes. As you advance through the application, keep in mind that your accuracy and attention to detail will have a big impact on our underwriting team’s ability to make a quick and positive decision on your loan request.
2. Rent Roll Form
A rent roll is essential for determining commercial value – Commercial Direct provides downloadable commercial and multifamily versions to help you tell us about the tenants in your property.
Of course, you likely already use a rent roll spreadsheet of your own for management purposes. We’ll gladly accept that version to save you from having to re-enter data.
3. Operating Statement
A property operating statement documents the income and expenses of the property in question for the last two years in addition to the year-to-date operating results.
Again, this is a document you may already have in your possession. However, you may want to start fresh with Commercial Direct’s version so you can ensure that you include all of the figures our team focuses on during the underwriting stage.
That does it for the documentation we need to launch a transaction. But you can expedite the transaction process by keeping the following information handy as well:
- Detailed photos of the property in question
- Previous title policy
- Insurance agent contact information
- Property manager contact information
- Schedule of recent improvements
- A valid purchase and sales agreement
Any additional financial documentation Commercial Direct requires during the underwriting stage will largely depend on the loan program you select on the outset. If you’re interested in securing the lowest possible rate for your loan, you may choose our Platinum Program. In that case, you would provide tax returns and other financial statements as part of the qualification process.
Of course, we also offer stated income programs like the Silver Program, which is designed for investors who are not able or simply do not wish to provide such financial documentation.
The point is, Commercial Direct gives you options when it comes to documentation requirements. It’s all part of our commitment to helping you get a commercial mortgage on your own terms.
Have the documents you need to get started?
Visit our Loan Customizer to begin designing your unique commercial mortgage request. While we can’t know what kind of loan you need until you apply, we do know one thing: the process won’t take all day.
Zack North is the Director of Marketing for Commercial Direct. As a regular contributor to a number of top industry publications, Zack enjoys writing about topics that help investors and business owners approach commercial mortgage financing with confidence.