Rateshop Commercial Application Process

Commercial Application Process

RateShop has streamlined the critical path for borrowers to obtain the type of financing they need.
The following forms outline the basic information we need to qualify a loan, all of which is provided in the commercial mortgage section in Vault. Please call us if you require any assistance or have questions.


Additional Information Required from the Borrower:

In the case of rental properties the rent roll, which must include: tenant name; net leasable area occupied in square feet or if residential the unit occupied; monthly rent paid; annual rent paid; any recoveries paid; any tenant inducement paid; commencement date; expiry date.

Three years of financial statements for the property, borrower and any guarantors.

Commercial Appraisal: This should be recent, and from a recognized appraisal company. Commercial appraisal reports will usually need to be from an appraiser with an AACI designation.

Environmental Report: A phase I report is ideal. If issues are present, a lender may require subsequent reports.

Geotechnical Report: May be required where land is involved.

Quantitative Survey: In the case of a construction loan, the lender will likely require a quantitative survey to determine the cost to complete the project at every draw advance.

Land Title Document: A current copy of the land title will likely be required by a lender.

Personal Net Worth Statement: You can use your application, but some lenders may require a statement on their own form.

Financial Statements of the Borrower or Guarantor Company: The lender will usually request the last two years’ financial statements for companies that are the borrower or the guarantor for the loan.

Operating Statement: In the case of commercial or mixed-use properties, the lender may request the operating statement of the building to determine current costs.

Commercial or Personal Credit Bureau: The lender may require corporate credit bureaus, or personal credit bureaus from the borrower.

Tax Statement: This is from the municipality in which the property is located. It will contain critical information about the property.

Real Property Report: This may be required, as it can identify issues with adjacent properties.

List of Professionals Involved in the Transaction: This list will include realtors, appraisers, lawyers, etc.

Lease(s) (if applicable): In the case of mortgage profiles that involve properties with cash flow, the lender will need to review a lease to identify the strength of the tenant and the amount of time remaining on the lease.

Purchase and Sale Contract (if applicable): This will be required in the case of a purchase, or if the exit strategy is from a firm sale.

Building Report (if applicable): The lender may require a building report to assess the effective age of the building.

Existing Mortgage Statement: In the case of a refinance, the lender will need to view the state of the existing financing.