Commercial Loan Application Checklist Includes A Business Plan

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This ARTICLE On Commercial Loan Application Checklist Includes A Business Plan Was UPDATED On November 24th, 2018

What the checklist for a commercial loan application means is 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 because commercial investors are supposed to be sophisticated mortgage borrowers

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 Lenders

Who are commercial lenders

Commercial lenders are concerned about borrowers as well.

  • This is because they want to know borrowers is 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.

  • 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
  • Gustan Cho is associated with dozens of commercial direct 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 Loan Cabin Inc. at 262-716-8151 or text us for faster response. Or email us at gcho@gustancho.com.

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