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Well, in addition to the required documents for a residential purchase/refinance, we'll also need the following:

1.  What type of entity is borrowering the money? Meaning LLC, Partnership, Corp, etc. as this will dictate the type of documents needed.

2.  Copy of the Certificate of Formation and (for LLC) copy of the operating agreement or (for Corp) Corporate Resolution paperwork.

3.  For the entity borrowing, need 2 years tax returns along with a current P&L and Balance Sheet.  For each member (for LLC) or shareholder (for Corp), also need 2 years tax return.

4.  For the property, need Rent Roll, which will include tenants names, lease start/finish, type of lease (Net vs. Triple Net), square footage, etc.  Also need Income and Expense statement for the property.  If tax returns for the borrowing entity has a history of the property, then true income and expenses can be used, otherwise, a 5 to 10% vacancy factor could apply, plus 35% of gross income could be used for expenses. In addition, a 5% management fee could also be added to the expenses.

5.  Personal financial statements for each member/shareholder.

These are just the basics.  Commercial loans can be quite tendious and extensive in paperwork, and each property is unique in many aspects, so please email or call for more information.

Friends,  I get this question all the time, and I've actually developed a template to help me out...but here's the the list

For all loans:

1.    2 forms of ID (driver's license, social card, and if Non US, both sides of green card)
2.    1 months of paystubs for all borrowers.
3.    2 years of tax returns with the w2's
4.    1 months of bank statements for all asset type accounts (CD, IRA's, 401K, Checking, Saving, etc)

Now for a purchase add the following:

1.    Contact information for all parties, meaning attorney, realtors, home insurance agent, etc.
2.    Fully signed purchase agreement.

For a refinance add the following:

1.    Copy of current mortgage statement (helps us assist in ordering the payoff, and verifiying current payments.)
2.    Copy of homeowners insurance or at least your insurance contact.

Specials circumstances:

1.    If you are self employed, you might not have paystubs, but we'll have the tax returns anyway to verify income.  The lender may ask for 2 years of BUSINESS returns in addition.
2.    Condos..need a copy of the condo monthly bill for 2 reasons...verifies your dues, and we use it call the association to verify the condo insurance.

Ok, there has been much talk about this plan.  Currently, we only have 2 lenders that are offering "versions" of this plan.  Here are the basic guidelines:

First, we must determine whether your current loan is "owned" by FannieMae or FreddieMac.  Both of these GSE's (Government Sponsored Enterprises), have a page dedicated whereas we can check if your loan is "owned" by them.  This has nothing to do with who "services" your loan, which is what most consumers would be aware of.  For instance, most of you have loans from Wells Fargo, CitiMortgage, Chase, or even a regional lender like PNC or Sovereign Bank.  What you maybe unware is that these lenders have sold the loan already and they just service the loan (provide you monthly statement, pay your taxes and insurance, etc).

Then, here is where it gets interesting...for the most part, if you are paying the mortgage on time, and just interested in a rate and term refinance, we should be able to refinance your home, even though you could be upside down in your home, upto 105%!! Meaning you owe more than what the house is worth. Additionally, alot of consumers have put 20% down on a home a year or two ago, but were prevented from refinancing into a lower rate because they have lost equity in their home, and now they be at a Loan to Value between 80-100%, which put them into a Mortgage Insurance situation with the lowered rate.  Well, this program basically says that if you didn't pay Mortgage Insurance (MI) back then, you won't have to pay it now.  This is a signficant savings for most you out there!!! and I have been reaching out to past clients who couldn't have refianced in the last year, and now they can WITHOUT MI!!!!  There are a few more factors that come into play, but this is the jist of the program.

Some gotchas...you always have them.  If you a a second lien on your home it cannot combine the 1st and 2nd under this program, even if it's seasoned for over a year.  Additionally, if you have MI now, you'll still continue to pay MI under the program.  The program is supposed to be able to identify if you are in a Fannie or Freddie loan loan, and you MIGHT have even the appraisal waived, but the Automated Underwriting engine will determine eligibility.  But that's not to say, that the lender may "trump" the guidelines and require an appraisal to be done anyway.

I have a few loans already being used in this program, and looks like it could be a huge success.  Additionally, if you do have a second mortgage, we could "ask" the 2nd lien holder to "re-subordinate" their lien position so we refinance the 1st lien, but there is no guarantee they will agree.  Contact me about details regarding this.  I've been hearing that our administration is pressuring 2nd mortgage companies to agree to "re-subordinate", but we'll see how that goes.

Contact me friends if you have any questions.