RealEstateInvestment.net
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Underwriting Checklist Use this guide to help you ensure you have the proper docs ready for your Lender. This is a great tool to help you get the loan processed quickly. 1. Description of Property and Neighborhood (including color photographs). Include gross & net square footage, layout, number of stories, condition, needed repairs, area data, age, and estimated value.2. Three Years of Operating Statements (detail of income & expenses). For hotels, need 12 month trailing average with historic ADR & ADO. Must be in legible format, faxes of faxes not acceptable.3. Current Years Budget with year-to-date Actual. Proforma should show income at 100% occupancy with deduction for vacancy, replacement reserves, tenant improvement costs per square foot and percentage paid for leasing commissions. We underwrite with deductions for vacancy, management fees and replacement reserves.4. Current Rent Roll if hotel: ADO [occupancy] and ADR [average daily rate]. Include dates leases commenced and expire, any increases within existing contracts and market rent for existing and new tenants. If hotel, include fees payable under Franchise Agreement and remaining term of contract.5. Profile and Experience of Owner and Management Company. Resume, background, years in the business, other properties owned and other properties managed.6. Balance on existing debt (with use of funds statement). Current balance on all liens and status of loans (use of new loan proceeds). If the loan is for an acquisition, please provide purchase price and breakdown of renovations planned.7. Executive Summary from recent MAI or other Technical Reports. (if available) Market rent and market occupancy data. Include any excerpts from recent appraisals, Market Studies or Feasibility Reports, if available.
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