LIST
OF ITEMS REQUIRED TO UNDERWRITE
Commercial Co-op / Condominium
Units
 Download
.pdf file
1.
FULL PHYSICAL DESCRIPTION OF THE SPACE,
including square footage.
2.
WILL IT BE OWNER-OCCUPIED OR SUBLET?
- If
sublet, provide a summary of all leases
showing escalations and expirations.
- If
owner-occupied, description/history of
business occupying space, and bio/ resume
of principal(s).
- Corporate
financial statement, last two (2) years’ profit
and loss statement for business(es), & last
two (2) years’ 1040 tax returns
for Principal(s) owning 10% or more.
3.
IF ACQUISITION, COPY OF THE FULLY EXECUTED
CONTRACT OF SALE.
4.
IF REFI, SUMMARY OF CURRENT FINANCING including
price originally paid for property, date
of purchase, name, term, amortization and
prepayment penalty (if applicable).
5.
IF THERE WILL BE SIGNIFICANT RENOVATION
OR CONSTRUCTION, summary of the process,
time frame, permits needed, budget, improvements
to be made, and work to be performed.
6.
LAST TWO (2) YEARS’ FINANCIAL STATEMENTS
for the co-op corporation or condo association.
7.
COOPERATIVE OR CONDOMINIUM BUILDING DETAILS
including number of floors, number of units,
number of owner-occupied units.
8.
PHOTOGRAPHS OF UNIT.
9.
PERMISSION TO RUN CREDIT REPORT(S): Please
print the CREDIT
REPORT AUTHORIZATION pdf file.
(Please make copies for each individual
in the case of a corporation or partnership,
complete and fax back to 212-532-1222).
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