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Owner-Occupied Business


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LIST OF ITEMS REQUIRED TO UNDERWRITE AN

OWNER-OCCUPIED BUSINESS

Checklist | Owner-Occupied Business Download .pdf file

1.CURRENT BALANCE SHEET and CURRENT YEAR TO DATE PROFIT & LOSS statement for the business.

2. LAST THREE (3) YEARS’ PROFIT & LOSS STATEMENTS.

3. COMPLETE INCOME / EXPENSE STATEMENT on the property including:

  • Annual property taxes
  • Insurance
  • Water / Sewer
  • Fuel
  • Electricity
  • Maintenance / Repairs
  • Management

4. SUMMARY OF ALL LEASES (if any) showing escalations and expirations.

5. COMPLETE, DETAILED PHYSICAL DESCRIPTION INCLUDING SQUARE FOOTAGE.

6. IF REFI, PRICE ORIGINALLY PAID FOR PROPERTY, date of purchase and summary of current financing.

7. IF ACQUISITION, COPY OF FULLY EXECUTED CONTRACT OF SALE.

8. PHOTOS, if available.

9. SITE PLAN or Property Survey.

10. SUMMARY OF CURRENT FINANCING (refinance only) including:

  • Current lender
  • Current principal balance
  • Current interest rate
  • Current monthly payment
  • Due date
  • Prepayment penalty information


11. FULL DESCRIPTION/HISTORY OF BUSINESS

12. BIO / RESUME OF PRINCIPAL(S).

13. LAST TWO (2) YEARS’ BUSINESS TAX RETURNS.

14. LAST TWO (2) YEARS’ PERSONAL TAX RETURNS for all principals of business.

15. COPY OF DEED

16.
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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