Affinity Credit Union Commercial Mortgages: Income-Producing Properties
no fixed amount
Loan
Description:
The Commercial Mortgages: Income-Producing Properties program is designed for landlords when they develop their income-producing property or refinance one they have already.
Comments on Funding:
Funding takes the form of a mortgage.
Rolling deadline
Eligibility:
Application Steps:
For details about commercial mortgages, applicants must call Contact Center at 1.866.863.6237.
Documentation Needed:
Applicants must provide:
1. financial statements for the last 3 years;
2. income tax returns for the last 3 years;
3. personal net worth statements for the loan guarantors. If it’s a corporation applying for the loan, its owners will often act as the guarantors;
4. a property appraisal;
5. business projections or a business plan;
6. an environmental and an engineering report if required;
7. a credit check, which will be done by the lender;
8. signed leases or rentals for all properties including rent roll.
Other Things to Note:
About the author
Maurice
