Commercial Loan Checklist

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There are as many types of commercial Loans as there are projects. Due to the nature of planning, setting up and running individual businesses the criteria are varied. Buying an existing business, reorganizing or making improvements to a business you already own, or constructing a business premise and outfitting it from the ground up are all different situations that need to be assessed and addressed, when scheduling a list of things to do, have and provide to lenders.

Proper planning and preparation are paramount to your business plan's success.

Below is a guideline that should help you determine what you will need to know, or provide, when making application for a commercial loan. If you have a lender in mind have a preliminary meeting with them and discuss what their particular requirements will be in regard to your specific project.

Note: Remember, not all lenders will require all of this information and some may require information that is not listed here. This list is not prioritized, again, consult the prospective lenders.

• No less than three years income tax and financial statements
• Year-to-date profit & loss and balance statement
• Personal finance statements for all persons involved
• Schedule of real estate owned
• Verification of bank statements
• Verification of employment
• Request for copy or transcript of taxpayer identification number (TIN)
• Projected cash flow statements for next 12 months
• Pro forma for next 12 months/length of loan
• Borrowers certification & authorization letter
• Privacy statement/information disclosure
• Tenant information:
  1. Name of tenant and type of business
  2. Credit Rating and Financial Information
  3. Sales History
• Rent role for an existing occupied property
• Condominium or association bylaws
• Details of seller financing - if relative to the acquisition
• ERC, or early redemption charges
• Title report
• Appraisal notification
• Market study
• Demographic study
• Location map
• Site/plot plan
• As built plan
• Photographs of structure & premises
• Aerial photographs showing surrounding area
• Federal and state tax information
• Collateral sheet
• Comprehensive business plan
• Hazard insurance requirements
• Insurance carrier information sheet

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