Commercial Mortgage:
Reliable Financial Group Inc (RFGI) has very good connection with private and institutional lenders for commercial mortgage.
Commercial mortgages arranged on following type of properties. The loan to value and interest rates depends upon the location, properties, borrower’s background, financials etc
- Brand name or non brand name gas stations
2. Plaza
3. Mixed use properties-Multi story properties
4. Apartment buildings
5. Industrial buildings
6. Motel/hotels Financing
7. Construction loan for industrial unit, retail business, apartment building, residential subdivision etc
8. Commercial or agricultural loan and land acquisition
Requirements for Commercial Mortgage
For land development
- Draft plan approval
2. Subdivision agreement
3. Engineers report
4. Survey
5. Appraisal
6. Environmental report
7. Structural engineers report
8. Last years actual operating statement for property
9. A copy of the current mortgage document if applying
for secondary financing
10. Purchase details.(ownership details of the land)
11. Description of the property like, civic address, zoning, legal description etc
12. For all company(s), the legal name, business address, phone number, date of incorporation and a resume of nature and history of Company
13. Names of all shareholders, their address and phone number, percentage of shares they each own, their Personal Net Worth Statements (signed and dated), past 2 years’ NOA and credit bureaus
14. Last 2 years’ financial statements of Company and any related companies
For Construction:
- Site plans
2. Building plans
3. Copy of offer to purchase site, if applicable
4. Breakdown of construction costs in detail (hard and soft)
5. Resume of builder
6. List of builder’s recent projects and their values
7. Projected sale prices or rental rates and any
comparables
8. Construction contracts
9. . Cash flow and construction schedule, when construction will commence
10. Dates and amounts of advances required, estimated completion date
11. . Building permit
12. Marketing plan and brochures (listing agreement)
13. Copies of offers for any presales
14. Offer to lease for any pre-leasing
For Commercial Property:
- Purchase details (copy of offer to purchase)
2. If leased, a completed rent roll forms including vacant space. Copies of all actual leases, offers to lease or
Letters of intent will be required prior to closing.
3. Description of property
4. Performa statement of income and expenses
5. Survey
6. . Appraisal
7. Environmental report
8. Structural engineers report
9. Last years actual operating statement for property
10. A copy of the current mortgage document if applying
for secondary financing
