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5 Things Every Buyer Needs – To Close A Commercial Real Estate Loan
Since the Greenscape Group has a wide experience and understanding of the commercial real estate loan and commercial space, it is possible that our knowledge may help the readers to understand under how and what conditions they can take their step ahead for a loan.
Whereas this financial purchase requires a heavy eye for the research and finances to opt for a deal that will close in a successful transaction.
Here are the top 10 lender deliveries while documenting a commercial real estate loan, both the parties should understand and recognize virtually that all the commercial real estate lenders will expect among the other things such as the delivery of the below-listed property documents, so if you are to buy commercial space.
- You will need all the operating documents and statements of the past 3 years which will reflect your income, expenses and operation including the cost, time, and given scheduled capital improvements.
- Certified copies of each and every lease document
- A certified roll rent of the date of the purchase contract of the date that’s within 2 or 3 days near to closing.
- A satisfactory Environmental Site Assessment Report (Phase I Audit) and, if appropriate under the circumstances, a Phase 2 Audit, to demonstrate the property is not burdened with any recognized environmental defect; and
- Your personal declaration of earnings and source of income to make sure that you are a genuine independent on whom the company can rely on.
These are a few things that are mandatory to buy commercial space for sale, so the next time when you think about the loan, make sure you have all these documents intact.
