Posted by Don Dion on August 14, 2005 at 13:30:19:
Your doing pretty good so far. ADR reports on the motel (average daily rate), copy of the survey, copy of any licenses issued by city/county (rest, motel, alcahol ect)Last 3yrs tax returns schedules from the seller, YTD income / expense reports and if they use a computer program ask for a trailing 12 month.
On you 2yrs tax returns, W2’s, current paystubs if employed. Letter of intent on your current job position (ie; is your intent to continue working or run this as a full time job ect) Current bank statements on all accounts, signed 1003, signed PFS (personal financial statement). Pictures of the property front back sides and street views in both directions.
I have forms that my clients use for several of these items. If you need any help please feel free to drop me a line I will be happy to work with you on your project funding needs.
From Newbie
I have found 9 unit motel w/80 seat restaurant, waterfront,
in four season resort area. I have a potential manager.
The seller is motivated, she wants to retire, and she likes
me. I know the area for 40 years.
Question: What information do commercial lenders need from
sellers to determine if they will do the deal? The only ifo. I’ve been able to get so far is: Profit & loss for 3 years, deposit statements for 2 years, and appraisal.
In the interest of saving time and energy, is there a checklist of what most commercial lenders want to know?