Shopping Center/Retail Checklist

This checklist is provided for the most commonly required items for Shopping Center/Retail financing. No two transactions are ever exactly alike, but the following list will provide guidelines for the initial items we will require to begin underwriting. Additional items may be requested or items may not be required. If you are unsure whether an item is applicable to your situation, please contact us to discuss.

Current Rent Roll - Including

  • Tenant Name and Address
  • Square footage of space
  • Lease Rate
  • Lease commencement and expiration, escalations and options
  • Description of tenant

Current Year-to-Date Operating Statement for Property - Including

  • All sources of income
  • Property Taxes
  • Insurance
  • Utilities
  • Repairs and Maintenance
  • Management/Professional Fees
  • CAM
  • Leasing Commissions
  • Tenant Improvements

Prior Two (2) Year-End Operating Statements for Property - Including

  • All sources of income
  • Property Taxes
  • Insurance
  • Utilities
  • Repairs and Maintenance
  • Management/Professional Fees
  • CAM
  • Leasing Commissions
  • Tenant Improvements

Information about management contract and company, if separate from borrower.

Narrative Description of Property

  • Include a full description of the property including age, land size, and improvements including square footage. The best source for this information is an existing appraisal, if available.

Copy of Sale Contract if this is a purchase transaction.

If refinancing, provide the original purchase price for the property, and details pertaining to the existing debt including lender, balance and terms including pre-payment terms.

Photos of property, inside and out, electronic preferred.

Survey or Site Plan, if available.

Current Personal Financial Statement for borrowers with >10% ownership.

Prior Two (2) years Federal Income Tax returns for borrowers with >10% ownership.

Summary of Capital Improvements to property for the past three (3) years, if available.

Sample Transactions

Heatherwood Apartments

Heatherwood Apartments
Overland Park, Kansas
$2,560,000

View More Transactions
 

Current Rates (08/27/2008)

  • Apartments 6.36%
  • Mobile Home Park 6.36%
  • Anchored Retail 6.31%
  • Non-Anchored Center 6.31%
  • Single Tenant Retail 6.31%
  • Office 6.31%
  • Industrial / Flex 6.31%
  • Self-Storage 6.61%
  • Medical Office 5.96%
  • Hotel 6.81%

Rates are based on a $2 million loan, 30 year amortization, 10-year fixed rate term.

 

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