CHARTER FINANCIAL

 

Typical Documents needed for a Quote

1) Project Submission Summary with existing loan detail and purpose of financing

2) Income and Expense Statement (certified)

3) Rent Roll (current month certified with detailed tenant expense reimbursements)

4) Inside and outside color photos (aerial if available)

Typical Documents needed for an Application

1) 3 years Income and Expense Statements (certified, unless tax returns in item#2 are provided)

2) Last three (3) years of sales figures for all tenants with percentage rents (Retail only)

3) Location maps indicating site by state, city, and street

4) Site Plans (if available)

5) Purchase Contract or Closing Statement, if Acquisition

Typical Documents needed for a Commitment

I) Copy of Signed Application with:

a) Statement of Cash Flow (signed)

b) Credit Information Disclosure Authorization Form on principal (completed and signed)

c) Verification of Mortgage Form (signed)

d) Occupancy Summary (completed)

e) Phone Contact List (completed)

f) Check for professional reports (optional at this time)

2) Federal Tax Returns for past 3 years for the borrowing entity

3) Current year Pro forma Operating Statement (fill year, estimated by borrower)

4) List of Capital Expenditures for the next fill year.

5) Three Bank/Trade References for the borrowing entity, with their phone #S and addresses

6) Market data for comparable properties (if available, with comps and vacancies)

7) Demographics

8) Resumes for:

a) Borrowing Entity

b) Principals or Borrower

c) Management Company and Key On-Site Personnel (management plan, if available)

9) Copies of leases for anchor tenants and other major tenants (8,500 square feet or greater)

                 10) Ground lease (if applicable)

                 11) Existing Title Insurance Policy (if available)

Typical Documents needed for Closing

1) Executed Loan Commitment with check for professional reports (if not submitted with App.)

2) Rent Roll dated within 30 days of final submission (certified by Borrower)

3) Financial Statement for principal showing assets and liabilities

4) Financial Statements for tenants of 20% or greater occupancy (if available)

5) List of capital improvements, including costs, added to project in the last  years (certified)

6) Last 3 months of property's bank account statements

7) Real estate tax bills for last year, including evidence of payment

8) Bills from all utility companies, 3 months

9) Property insurance bills for the last 2 years, including evidence of payment

10) Copy of current Insurance Policy (with new endorsements and paid bill)

11) Copies of any service contracts, including but not limited to: trash collection,landscaping, elevator, boiler

12) Copies of all Licenses and Permits (boiler, underground storage tanks,elevator permit, etc.)

13) Management Agreement (if none, letter from owner stating such)

14) Mortgagor entity organizational documents (Partnership agreement withamendments

15) Copy of Certificate of Occupancy

16) Copy of existing survey (update on Lender's form to be provided prior to closing

17) Evidence of applicant’s ownership, with legal description (Deed or Contract)

18) Estoppels for all Commercial Tenants (on Lender's form)