How To Apply For A Commercial Loan

How to apply for a commercial loan is easy with our no nonsense process. Follow our simple checklist online!

How to apply for a commercial loan MOMENTUM MORTGAGE LENDER

1
QUALIFICATION
AND PRE-APPROVAL
Submits loan to Lender

Loan Submission Form

1003 Loan Application and Supplement

TriMerge Credit Report

Purchase and Sales Agreement (if applicable)

Issues written Conditional Pre-Approval Letter (CPL) within 48-72 hours, which includes:

Terms

Broker Fees

Underwriting and Closing Checklist

Estimated 3rd party fees

2
UNDERWRITING

Collects signed CPL and appraisal processing fee

Collects all additional information and documentation

Maintains client communication

Orders Appraisal

Orders Title

Conducts fraud guard

Obtains environmental insurance

Conducts real estate and income analysis (when applicable)

3
CLOSING
AND FUNDING

Facilitates ongoing client communication

Coordinates with title company and attorney

Prepares all loan documents and sends to closing agent

Sends completed documents to custodian for review

Funds Loan

Following is how to apply for a commercial loan with our Loan Application Checklist

In general, the documentation you will need includes:

Property Information (if you already have a contract on a Commercial Property)

Purchase Agreement.

Copy of legal description and MLS sheet.

Income & Assets

Pay stubs for the last 30 days.

For the past two years:

	Names and addresses of each employer.
	W-2s

Statements for each bank, mutual fund, and/or investment account for the last three months.

Estimated value of personal property and furniture.

If you have made any large deposits to your accounts:

Explanation and source for deposit.

If large deposit was a gift:

	Signed gift letter (lender can supply).
	Copy of gift check.
	Copy of deposit receipt.

If you own more than 25% of a business:

Corporate or partnership tax returns.

If self-employed:

	Tax returns for the last three years (with schedules).
	Year-to-Date Profit and Loss Statement prepared by an accountant.

Historical Income and Expense_(Profit and Loss form).pdf

If you own rental property:

Tax returns for the last two years and current rental agreements.

Underwriting Property Rent Roll Forms

Commercial Tenant Rent Roll and Certification Form.pdf

Multifamily Tenant Rent Roll and Certification Form.pdf

If you are retired:

Pension Award Letter.

If you receive Social Security:

Social Security Award Letter.

If you are counting child support as income:

	Copy of divorce settlement.
	Copy of twelve months of cancelled child support checks.

Debts

Names, addresses, account numbers, balances and monthly payments on all current loans.

Explanation of credit report anomalies, including:

	Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.
	Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).

Miscellaneous

Photo ID and proof of Social Security number.

Residence addresses for the past two years.

If applicable, a copy of your divorce decree.

If you are not a citizen, a copy of the front and back of your green card.

Environmental Questionaire (If needed)

SCIPP Environmental Questionnaire.pdf

Many of the items needed in our checklist are for a full documentation loan. Our stated commercial loans require less documentation. With our full doc or stated programs, how to apply for a commercial loan is straight forward and resembles residential financing.

Momentum Mortgage

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