Required Documents for Underwriting

Document Requirements

DOCUMENT CONFORMING LOANS
Bank, Agency / CMBS All Property Types
FLEX / BRIDGE
Commercial & Multifamily 5+ Units
FLEX / BRIDGE
1-4 Unit Residential & Portfolio Loans
REHAB & CONSTRUCTION
All Property Types
REQUIRED FOR PRELIMINARY REVIEW & TERM SHEET
Schedule of Real Estate Owned
+ Rent Roll

Proforma
Completed 1003 Loan Application
or
Personal Financial Statement
The ICS 1003 includes a schedule of real estate owned and rent roll section for loans / properties up to 25 units & 14 properties owned. Use the Schedule of Real Estate + Rent Roll for larger properties above or when not using the ICS 1003.
P&L For Property Last Year & YTD
or T12 for Multifamily

Proforma
Landlords should have a P&L statement for YTD and previous year, or T12 for 5+ unit apartment buildings. Appreciated but not required for 1-4 unit residential when a detailed schedule of real estate owned and rent roll is provided.
Sponsor / Contractor Project History
Construction Scope of Work
Budget / Plans
A scope of work and budget is required for all rehab and construction projects prior to loan review.
> Request Credit Credit Report
ICS can run a soft credit pull if needed.
If you already have a borrower tri-merge credit report dated within 60-days, you can upload it to the loan file online. ICS can run a soft pull for you if needed.
> Your client can also pull their own tri-merge report through Experience via this link.
REQUIRED AT TERM SHEET ACCEPTANCE
Last 3 Years Personal Tax Returns
(not required for Agency)
Last 3 Years Business Tax Returns
Bank / Investment Statements (last 3-months)
Copy of ID
Purchase & Sale Agreement (if purchase) Include all addendums
Sponsor / Borrower Resume
Mortgage Statement (if property owned)
LLC / Entity Operating Agreement
LLC / Entity IRS EIN Letter or W9
LLC / Entity Articles of Formation