Euclid Commercial Lending Services

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Documentation for Commercial Lending

Documentation requirements could differ depending on the property type and if the property type is considered an investment or an owner occupied business.  Below is a list of the basic requirements that we will need to tailor a loan that fits your interests.

Investment Property

Any property where rents are collected and used as the main source of paying the mortgage.

Required for issuing a lending letter of interest (LOI) or pre-approval which details rates and terms:

  • Rent Roll/Schedule of Leases
  • 3 years Profit and Loss (or appropriate schedule from tax return)
  • 3 years personal tax returns for personal guarantors(s)
  • Personal financial statement for personal guarantors(s) (or loan application)
  • Purchase contract (if a purchase)
  • Credit Report (we will run credit)
  • Photos of inside and outside of property

After the initial review we will also need:

  • Lease Agreements
  • Appraisal
  • Insurance information
  • Payoff information

 CLICK TO REQUEST COMMERCIAL FINANCING FOR AN INVESTMENT PROPERTY

 

Owner-Occupied Property

Any property where the source of loan repayment is or will be the owner's business even if the business is held as a seperate entity.  If the property is partly leased and part owner occupied, you will need to provided everything required for both investment and owner-occupied properties.

Required for issuing a lender letter of interest (LOI) or pre-approval which details rate and terms:

  • 3 years business Profit and Loss (P&L) and Balance Sheet
  • 3 years business tax returns
  • 3 years personal tax returns for personal guarantors(s)
  • Personal financial statement for personal guarantor(s) (or loan application)
  • Purchase contract (if a purchase)
  • Credit Report (tri-merged, we will run)
  • Photos of outside and inside of property

After initial review we will also need:

  • Appraisal
  • Insurance information
  • Payoff information

 CLICK TO REQUEST FINANCING FOR AN OWNER-OCCUPIED PROPERTY

 

Church or Religious Organization Property

Church or Religious Organization financing differs from any other traditional type of commercial lending but the requirements for pre-approval are very similar (click here to see some of our church lending highlights):

Required for issuing a lender letter of interest (LOI) or pre-approval that which details rate and term:

  • 3 years Profit & Loss and Balance Sheets
  • Year-to-date Profit & Loss and Balance Sheet
  • Religious Loan Application
  • Photos (inside and out)

Once the loan has been pre-approved we will need these additional items:

  • Bio on Pastor
  • History of the Organization
  • Purchase Contract (if purchase)
  • Contrator Quotes (if renovation or construction)

CLICK TO REQUEST FINANCING FOR A RELIGIOUS ORGANIZATION PROPERTY

 

New Construction or Substantial Rehabilitation

  • Brief executive summary explaining use of income source from the property and background of the organization to be the proposed real estate.
  • Simple recap of Construction Costs.
  • Plans and Specifications for construction.
  • Most current rent roll if the loan is for acquisition with substantial rehabilitation.

 CLICK TO REQUEST COMMERCIAL CONSTRUCTION OR REHABILITATION FINANCING

In some cases additional documentation may be required such as the resume for all principals, environmental reports, old appraisals, aging reports, etc.