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Refinance Questionnaire
General Questions:
- Provide an explanation on how the proceeds from the loan will be disbursed. Are you seeking to refinance existing debt, pay off other existing debt like equipment leases or outstanding loans, consolidate debt, take care of payables, extract cash for working capital, etc.? Is a payoff letter available yet from the lender?
- How old is the property and what type of property is it (office, warehouse, mixed use, retail, light industrial, manufacturing)? Is it a freestanding building? Provide a general description of the location.
- What is the property location, square footage and how large is the lot of land it sits on?
- Confirm estimated value of the property. Is this based on a recent appraisal or simply an estimate? Even a two or three year old report may be useful for preliminary purposes.
- What is owed on the property currently (loan balance)? Is there a first lien only or also a second and/or third?
- What is the amount of the loan you are seeking and how much “cash out” is desired?
- What was the original purchase price of the building? When was it purchased?
- What are the terms of the existing loan(s)? Rate? Payment? Fixed or adjustable? Lender?
- What was the down payment?
- Is the property owner-occupied? If so, what percentage of the space does the business use and what is leased or rented to other tenants? If not, will it be?
- If it’s a multi-tenant property, what is the occupancy rate? Provide a copy of the tenant lease agreement and Rent Roll (we can provide a blank copy if needed).
- Does the property generate positive cash flow? Give a quick summary.
- How are taxes and utilities handled (triple net)?
- What other lenders (if any) are also working on this transaction?
- What specific terms are you seeking so we can best try to accommodate the request?
- If Purchasing commercial property, what is the estimated time frame on the purchase?
- Provide several digital photos by email
Items Required To Initiate The Review:
- Minimum Two years (probably three years) of financial information including financials on the subject property, personal & corporate (checklist will follow)
- Loan Application & Loan Summary Document
- Rent Roll for Multi-tenant and a copy of the tenant lease
- Digital Photos of the Property (send by email)
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