Loan applications are put together in many different ways before they land on an underwriter’s desk. Some borrowers and originators submit a simple one-page request, while others submit reams and reams of paperwork upfront.
Neither approach is ideal: Commercial loan underwriters do not have the time to read through hundreds of pages of tax returns and other data when deciding whether to pursue an application. A one-page synopsis does not usually provide enough detail either.
Underwriters need a clear and concise package that can be read quickly and understood. There are some standards you can apply to create an effective loan application with information that is most likely to get the loan approved.
Stephen A. Sobin is the President and Founder of Select Commercial Funding LLC. Mr. Sobin has over 35 years’ experience originating commercial real estate loans. He formed Select Commercial to offer commercial mortgage banking and real estate capital advisory services to his clients on a national basis. His goal was to become an advocate for his clients and to help them navigate the ever-changing economic conditions facing the banking industry and to assist them by providing access to commercial real estate funds despite the uncertainty of the capital markets. The company was founded on the belief that most small to medium sized property and business owners lacked the expertise and sources to obtain the best financing options in the $1,500,000 to $10,000,000 range. While large real estate companies often have in-house finance professionals, most small to medium sized borrowers do not have the same access to professional advice and sources of funds. Mr. Sobin focuses on providing those services to this segment of the market.