DSCR Loan Document Checklist
Applying for a Commercial Loan should not be difficult –
That’s why Business Hero Consultants has simplified the process!
Closing a commercial loan is a process. To make the process simple and efficient,
Business Hero Consultants has developed a checklist of documents required for each step of the loan approval timeline to closing. You can find our checklists here for each loan type.
DSCR loan with NO Personal Guarantee
Property Address and name of Owner/Buyer
Amount of Loan Requested
Is the transaction a purchase or refinance?
If purchase, provide a copy of the purchase contract
Year-end property income and expense statements for the property for the most recent 3 years in Excel
The most recent 12 months income and expense statement BY MONTH through most recently available month in Excel
Provide the most recently available balance sheet for the property (refinance only)
Identify any capital improvements or large non-recurring expenses in the income and expense statement
Annual average occupancy statistics for most recent 3 years
Current Rent Roll, including tenant name, square footage, monthly base rent, annual base rent, rent/sf, lease start date, lease end date, type of lease (gross, net, modified gross). Initial date of occupancy, options, monthly expense recoveries by type (RET, INS, CAM), termination rights (if any), percentage rent, tenant sales (not applicable for hotels)
Copy of most recent expense recovery reconciliations (for net and modified gross leases, not applicable for hotels)
Copy of the most recent tax bill
Copy of any old appraisal, property condition assessment or Phase I Environment al assessment. If none, provide site plan with size of property and layout of tenant spaces. Provide the owner’s estimate of property value and the owner’s cost estimate to buy land parcel and build asset today. Provide year of construction and year of subsequent renovation/cost
Provide a Personal Financial Statement for any
owner > 20%
Please provide a resume for the sponsor indicating experience in the ownership and operation of similar properties
Provide a resume/brochure/website for the management company (if third-party managed)
Market study: market occupancy, market rents by class (A, B, C), absorption
Exterior photographs/website
Most recent STAR report and the December STAR report for prior 3 years (hotels only)
Short-Term Loan Documents
6 to 24 month terms
Property Address and name of Owner/Buyer
Project Description and History
Amount of Loan Requested
Is the transaction a purchase or refinance? If purchase, provide a copy of the purchase contract
If the property is not stabilized, provide the scope of work and detailed cost estimate of any investment required to achieve stabilization
Year-end property income and expense statements for the property for the most recent 3 years in Excel
The most recent 12 months’ income and expense statement BY MONTH through most recently available month in Excel
If the property is not stabilized, provide monthly projections in Excel for 24-36 months until stabilization; provide assumptions for the projections
Provide the most recently available balance sheet for the property (refinance only)
Identify any capital improvements or large non-recurring expenses in the income and expense statements
Annual average occupancy statistics for most recent 3 years
Current Rent Roll, including tenant name, square footage, monthly base rent, annual base rent, rent/sf, lease start date, lease end date, type of lease (gross, net, modified gross). Initial date of occupancy, options, monthly expense recoveries by type (RET, INS, CAM), termination rights (if any), percentage rent, tenant sales (for retail properties)
Leasing prospect report
Copy of most recent expense recovery reconciliations (for net and modified gross leases)
Copy of the most recent tax bill
Copy of any old appraisal, property condition assessment or Phase I Environmental assessment. If none, provide site plan with size of property and layout of tenant spaces. Provide the owners’ estimate of property value and the owners’ cost estimate to buy land parcel and build asset today. Provide year of construction and year of subsequent renovation/cost
Provide a Personal Financial Statement for any owner > 20%
Please provide a resume for the sponsor indicating experience in the ownership and operation of similar properties
Provide a resume/brochure/website for the management company (if third-party managed)
Market study: market occupancy, market rents by class (A, B, C), absorption
Exterior photographs/website
Most recent STAR report and the December STAR report for prior 3 years (hotels only)
We Fund
$650,000
Medical Clinic
75% LTV Office Building Purchase
9.5% Rate, Foreign National
$570,000
Equipment Supplier
80% LTV Industrial Building Purchase
8.5% Rate, 3-Week Closing
$4,900,000
Aesthetic & Wellness
SBA 7(a) Expansion Loan
9% Rate, 25-Year Term
$350,000
Freight Logistics Co.
SBA 7(a) Line of Credit
9.75% Rate, 10-Year Term
Office:
2405 W 104th St.
Chicago, IL. 60655
Call
630-755-6979
Email: