Commercial Loan Application Checklist and Business Plan

Gustan Cho Associates are mortgage brokers licensed in 48 states

In this blog, we will cover and discuss the commercial loan application checklist including a business plan. Commercial loans are not regulated like residential mortgage loans.Commercial mortgage lenders are not regulated via the NMLS or the state financial regulatory agencies unlike residential mortgage loan originators in most states. The reason for this is that commercial investors are supposed to be sophisticated real estate investors.

Commercial Loan Application Checklist: Never Be Late on Your Mortgage

Commercial Loan Application Checklist: Never Be Late on Your Mortgage

It can take many years to foreclose on a residential property. However, if you default on a commercial mortgage, the lender can take you to court in a matter of a few weeks. In court, the judge can rule in favor of the commercial lender and appoint a receiver to take over the property. The receiver is appointed by the judge and represents the lender. From the moment a receiver is appointed, the commercial property owner loses all rights of the commercial property. Just like that. In this article, we will discuss and cover commercial lending programs for real estate investors.

Commercial Loan Application Checklist Process

A commercial loan application is somewhat similar to a residential mortgage loan application. However, on a commercial loan application, you will see that the commercial lender is more concerned about the commercial property than the individual. On residential mortgage loans, the residential mortgage lender is much more concerned about borrowers than the actual residential property.

Commercial Loan Application Checklist: List of Wholesale Mortgage Lenders

Commercial Loan Application Checklist: List of Wholesale Mortgage Lenders

Commercial lenders are concerned about borrowers as well. This is because they want to know borrowers are qualified to own and operate the subject commercial property. The following list will help you identify the types of information a banker will need for a commercial loan application to make an informed decision about your business:

  • Three years of income tax and financial statements
  • Year-to-date profit & loss and balance statement
  • Personal finance statements
  • Projected cash flow statements for the next 12 months
  • Pro forma for the next 12 months/length of the loan
  • Federal and state tax information
  • Collateral sheet
  • Well written business plan

Gustan Cho Associates Commercial Mortgage Lending

Gustan Cho Associates are commercial and private loan lenders and brokers. The team at Gustan Cho Associates are not just residential mortgage lending experts but can help real estate investors in securing commercial loans. Gustan Cho has extensive experience as a commercial investor. Gustan Cho started investing in multi-unit apartment buildings back in the 1990s. Eventually advanced to owning, managing, and operating apartment complexes in the state of Illinois, Indiana, and Missouri. Gustan Cho owned and managed 7 apartment complexes, consisting of just under 3,000 units with a staff of 200.

Commercial Loan Application Checklist: Network of Wholesale Mortgage Lenders

Commercial Loan Application Checklist: Network of Wholesale Mortgage Lenders

Gustan Cho is associated with dozens of commercial wholesale lenders that specialize in apartment loans, apartment complex mortgage loans, multi-unit property mortgage loans, storage unit loans, warehouse loans, office complex mortgage loans, and SBA loans. Gustan Cho Associates also offers private loans for non-occupied properties. Private Lending is a great loan program for home flippers and developers who need short time financing with no pre-payment penalties. Private money is asset-based lending and requires a minimum of 30% down payment or equity in the subject property. Most private lending transactions close in 30 days or less. Real Estate Investors needing an experienced commercial lender, contact us at Gustan Cho Associates at 262-716-8151 or text us for a faster response. Or email us at [email protected] The team at Gustan Cho Associates is available 7 days a week, in late evenings, on weekends, and on holidays. Gustan Cho Associates is licensed in 48 states and is associated with over 160 wholesale mortgage lenders.