Whats needed from you

To get started on your loan approval process, your lender will ask for some information concerning you (the borrower) and your finances. These documents need to be given to your lender as soon as you have a signed purchase contract in hand. These items from you set everything else into action and headed toward approval. Here's a list of things that the lender needs from you:

^ A completed commercial loan application: You can get this document from your chosen lender.

^ Personal tax returns: Your lender will likely want two previous years of your personal tax returns, including any schedules.

^ Schedule of real estate owned: This schedule lists every piece of real estate that you own. You can generate this list on your own or have your CPA prepare it. On it, include the type of property, the address, when it was acquired, what you paid for it and what you guess it's worth today, loan information, gross income, and total expenses.

^ Escrow information: Send your lender the contact information of the escrow/title company that will close the transaction. An attorney's office may handle the closing as well.

^ Type of ownership entity: You need to provide your lender with the type of ownership method or entity that you plan on closing with: LLC, corporation, or LP. You can find information on how to choose the right entity for your deal in Chapter 12.

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Family Budget Demystified

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