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Mixed-use property purchase on Main Street in Manayunk.  Loan amount: 275,000 Credit Score: 570      Purchase of a garage in Trafford, PA. Loan amount: 41,250 Credit Score: 700      Single Family home rehab in Philadelphia. Loan Amount: 254,000. Credit Score: 720      Purchase of Mixed Use property on Girard Ave in Philadelphia. Loan Amount 525,000. Credit Score: 724      Refinance of Store front Totowa, NJ. Loan Amount: 65,000. Credit Score: 606      Purchase of commercial property in Donora, PA. Loan Amount: 71,750. Credit Score: 708      Land purchase in Newark, NJ. Loan Amount: 115,000.  Credit Score 672      Purchase of commercial property in Irvington, NJ.  Loan Amount: 275,000.  Credit Score: 604      Mixed use property purchase in West Philly.  Loan Amount: 81,400.  Credit Score 545      Purchase of 7 unit property in Union, NJ.  Loan Amount: 280,500.  Credit Score 761
   

What information do I need to ask for?

A commercial loan application is not that different than a residential loan application. The major difference is that there is a lot more focus on the property. Just fill out the regular FNMA 1003. Besides that, you want to ask the following:

Describe the property in detail.

How many square feet is it?

Is the property rented?

If so, what is the current rent?

If not, how long would it take to rent the property?

Is that a fair rent for the market?

If not, what is a fair rent?

If rented, what expenses does the tenant pay?

What expenses does the owner pay?

Electric:
Electric (common areas):
Gas:
Water:
Sewer:
Real Estate Taxes:
Property Insurance:
Janitorial Service:
Snow Removal:
Trash Removal:
Landscaping:
Management fee:
General Repairs:

What is the average vacancy rate for the area?

Is the property in need of any renovation?

How much will the renovations cost?

How long will it take to do the renovations?

How much would the property be worth after the renovations?

Once we have all of this information, we can analyze how much net profit the owner will make after the mortgage payment.


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