Stated Income Documentation
Limited documentation is required for this loan program.
Full Documentation Loans
Documentation requirements vary depending on property type and if the property is considered an investment property or an owner occupied business. Most lenders will require a personal guarantor.
Investment Property
Any property where rents are collected and is the main source of paying the mortgage and other property related expenses.
Required for issuing a lender letter of interest (LOI) or pre-approval which details rate and terms:
Rent roll/Schedule of Leases
3 years P&L (or appropriate schedule from tax return)
3 years personal tax returns for personal guarantor(s)
Completed Loan Application (we will complete for you, or you may apply online)
Purchase contract (if a purchase)
Credit report (tri-merged, we will run)
After initial review we will also need:
Lease agreements
Appraisal
Insurance information
Payoff information
Owner-Occupied Property
Any property where the source of loan repayment is the owners business (even if held as a separate entity). If the property is partly leased and part owner occupied, you will need to provide everything required in both sections.
Required for issuing a lender letter of interest (LOI) or pre-approval which details the rate and terms:
After initial review we will also need:
- Appraisal
- Insurance information
Payoff information
New Construction or Substantial Rehabilitation
Some lenders may also require additional documentation such as: resumes for all principals, environmental reports, photos, old appraisals, additional operating history, letters of explanation, aging reports, etc.
For more information regarding our commercial programs, please call our Commercial Specialist, Jerry Schooley at 559-224-4469.
