Loan Submission Instructions

Loan Submission Instructions

Brokers Are a Core Resource for Our Business

Commercial Mortgage Depot encourages brokers to submit commercial mortgage loan transactions when the broker has a strong borrower relationship and which transactions are controlled by the broker.

Preliminary Submission:

Please provide a brief summary which includes the following initial information to ensure quick consideration by Commercial Mortgage Depot of the transaction:

Multifamily and Commercial properties (Hotels see further below):

1. Brief executive summary describing:

    (a) The transaction – purpose, loan amount, term, LTV, DSC, preferred closing date, etc.

    (b) The property – location, type, size in square feet and or units, % occupancy, % occupied by owner, year built, and condition.

    (c) The borrowers – biography, background, experience, credit, open litigation or other issues.

2. Current rent roll, including tenant name, square footage occupied, lease commencement, lease expiration, rental rate and options

3. Current year to date income statement

4. 2 most recent year end income statements

5. Personal financial statement of each principal

6. Credit reports on each principal with all 3 scores

7. Purchase and sale agreement if applicable

8. Detailed sources & uses of funds schedule

9. 6 color photos showing exterior and interior

 

Hotels:

1. Brief executive summary describing

    (a) The transaction – purpose, loan amount, term, LTV, DSC, preferred closing date, etc.

    (b) The property – location, type, flag affiliation (and remaining term) number of rooms, conference/meeting space (sf), restaurants, year built/renovated,

          land size in acres, condition, significant issues,

    (c) The borrowers – biography, background, experience, credit issues or pending litigation.

2. Trailing 12 months with % occupancy, ADR, RevPar

3. 3 years property P&L

4. Personal financial statement of each principal

5. Credit report on each principal showing all 3 credit scores

6. Purchase and sale agreement if applicable

7. Detailed sources & uses of funds schedule

8. 6 color photos showing exterior and interior

9. STAR report

10. Most recent franchise inspection report

In recognition of a loan submission received from a mortgage broker, Commercial Mortgage Depot will provide the following:

• Each transaction is registered in the Broker’s name and date upon receipt

• The Broker maintains his/her relationship with the Client throughout the transaction and subsequent transactions with the same Client.

• The broker’s fee is drawn from loan proceeds and distributed to the broker at the closing.

• The broker is credited with originating the transaction in all announcements and press releases.