ACCURATE. TRANSPARENT. RISK FREE
Get Rates and Terms For Your Commercial Property
The Appraisal Process for Cash Out Commercial Refinance
So, you’ve completed the application process, got your offers, selected the option that best suits your current needs, submitted your required documentation, and signed/returned the “letter of intent” to the lender. Now it’s time to get through the appraisal process so that you can get your final underwriting done and finish the transaction.
Please understand that the first set of documents you will have provided was to demonstrate that you have a viable transaction. The lenders’ loan processors will not want to waste time unless you can provide the preliminary documents that show you can complete the transaction. At the appraisal phase, you must be able to prove everything that you have stated in the application. The lender will order your property’s appraisal after you have provided what is called “critical documents” and you have presented payment for your appraisal.
Could One of These Programs Work for You
You can see what our direct lender requires for each program below. When it comes time to submit these documents, remember that you can use DocuSign to accelerate the process and we use AES 256 SSL encryption standard.
Submission Requirements for Full Doc Program:
SHF completed/signed application OR 1003/personal financial statement/other application PLUS loan supplement form
Tri-merged credit report
Rent roll (multi-tenant properties)
P&Ls/operating statements last 2 years and YTD for property
Last 2 years’ tax returns
Purchase contract (if applicable)
Submissions Requirements for Lite Doc Investor Program:
SHF completed/signed application OR 1003/personal financial statement/other application PLUS loan supplement form
Tri-merged credit report
Rent roll (multi-tenant properties)
P&Ls/operating statements last 2 years and YTD for property
Purchase contract (if applicable)
Submission Requirements for SFR Program:
SHF completed/signed application OR 1003/personal financial statement/other application PLUS loan supplement form
Tri-merged credit report
Rent roll (multi-tenant properties)
P&Ls/operating statements last 2 years and YTD for property
Purchase contract (if applicable)
What’s Next?
The commercial transaction process is complex, but it doesn’t have to be impossible. With these simple steps, you can be on your way to experiencing a smooth closing. Interested in experiencing our lenders commercial loan transaction process? Our lender offers very flexible products that have heled thousands of business owners and investors get the funding they need when the banks cannot or will not help.
To make certain that you get the information that you need, please complete our short form and we’ll direct you to the proper point of contact.