In order to finalize the approval process for the proposed loan, we will be requesting the following items:
• Last 6 months of bank Statements on all accounts.
• Copy of the appraisal or colored photos of the property.
• 1003, Borrower’s Authorization, and Loan Summary (forms are attached)
• Letter of Explanation on Use of funds, derogatory credit and exit strategy (attached).
• Signed initial loan disclosures.
• A credit report or signed Rockland Commercial’s Borrowers Authorization.
• YTD P&L on the property
• Last 2-years Operating History on the property
• Current Rent Roll or Lease Summary (detailing length of tenancy, rent bumps, star and expiration of the lease)
• Preliminary title Report ordered by Rockland Commercial on Subject property.
• Insurance Declaration page.
• Copy of Driver License.
BROKER REQUIRED FORMS
• Broker signed W9 form
• Copy of submitting broker license
• Completed Broker checklist form (attached)
• Signed Non-Disclosure-Non Circumvention Agreement (Rockland will provide form later)
• Completed Broker Demand For Fees form (attached)
This letter is not intended to include all of the terms and conditions of the proposed loan. Documents will be in our standard forms, which are available for your review upon request. All items received by us are subject to our satisfactory review as to form and substance. Other due diligence and closing conditions not listed above may also be requested if necessary.
We would like to obtain further information from you as described above so that we can perform a fuller assessment of your credit needs.