DOCUMENT CHECKLIST

Commercial income property document checklist

For a purchase or refinance of a multifamily, mixed use, retail, office or industrial building held for income. Lenders differ; this is the full pack the Deal Desk asks for.

All checklists

Commercial lenders underwrite the property first and the borrower second, so the property pack comes before anything else. Send what you have to the Deal Desk early; the desk will tell you what a specific lender will not need.

Property income

  • Current rent roll: every unit, tenant, lease start and expiry, monthly rent, deposits and arrears
  • Twelve months of bank statements or a ledger showing rent actually collected
  • Two to three years of operating statements: income and every expense line
  • Copies of all leases, including renewal options and escalation clauses
  • Property tax bill and utility costs for the last year
  • Insurance policy and premium

Property documents

  • Purchase agreement or current mortgage statement
  • Legal description and title search
  • Site plan, floor plans and unit mix
  • Recent appraisal if one exists, and any environmental or building condition reports
  • Zoning confirmation and any permits for recent work
  • Photographs of exterior, common areas and a sample of units

Borrower and guarantors

  • Corporate documents: articles, share register, organisational chart if there is a holding company
  • Two years of corporate financial statements, accountant prepared where available
  • Personal net worth statement for each guarantor with supporting statements
  • Two years of personal tax returns and notices of assessment for each guarantor
  • Credit consent for the borrower and each guarantor
  • Resume of real estate experience: properties owned, managed or sold

The summary the desk prepares with you

  • Purpose of the financing and the requested amount
  • Source of the down payment or equity
  • Proposed structure: leverage, term, amortisation, any second or vendor take back
  • The story: why this property, why this borrower, what the exit is

Have the pack, or half of it?

Send what you have to the Deal Desk through the portal, or book a discovery call if you are not yet a broker here.

Book a discovery call