Top 25 Loan Application Questions
The 25 questions commercial lenders will need answered to evaluate a loan?
- Where is the property located / address?
- Borrower full name
- Property Type?
- Number of commercial & residential units?
- Property value?
- Purchase or refinance?
- If purchase, what is the purchase price?
- Existing loan amount on property if refinance?
- Cash-out desired if refinance?
- Total loan amount needed?
- Total loan-to-value?
- How soon does the borrower need the loan to fund?
- Is the loan Conforming or Non-Conforming? (bank or non-bank)
- Borrower credit score?
- How much money does the borrower have today in the bank which can be verified with 3 month’s bank statements?
- Total borrower annual income not including subject property rent?
- Total borrower annual personal/living expenses not including subject property payments?
- Total gross annual income on property?
- Total annual net operating income on property?
- Can the borrower provide 3 years tax returns?
- Can the borrower provide 2 years property operating statements?
- Can the borrower provide a rent roll?
- What is the primary purpose of the loan?
- What are some challenges, if any, the borrower expects or has had attaining this loan?
- How many points is the broker charging the borrower?
By having answers to theses questions, lenders and brokers can determine quickly if they can likely fund the loan, and what loan program is best for the client.