Mortgage Document Checklist

Documentation Checklist:

  • Ratified purchase agreement
  • Copy of your existing lease or rental agreement
  • YTD and last 3 years income & expense statements and balance sheets
  • Last 3 months bank statements for all bank accounts (all pages, even if blank)
  • Bio on the leaders
  • List all business debts
  • Itemization and supporting assumptions for any “one time” or discretionary expenses that could be added back to the budget and allocated towards debt service.  If the expense is not going to be eliminated but picked up by someone else (i.e. tuition expense that a family member will absorb), we would want something in writing from that person to acknowledge this.
  • If there is a pledge or capital campaign, we would want to see the target amount, amount pledged, when it is anticipated to be collected, and if possible the names of the donors
  • If there are any renovation costs that will be included, we would need the construction budget on contractor’s letterhead.
  • If Refinance: recent mortgage statement. If private party, 12 months canceled checks
  • Articles of incorporation
  • Bylaws
  • List of current members of Board of Directors and Officers of Corporation
  • 501c3 status letter
  • Hazard & Liability insurance policy declarations page
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