What will I need to provide to get a term sheet?

[Nolan O.]

I’m looking to buy a mobile home park and have started approaching a couple brokers to get info about properties. One asked for a pre-approval, likely to gauge whether I’m a serious buyer. My thought is that a term sheet should suffice, but I’m new to the world of commercial lending and I’d like to be prepared when approaching banks. What can I expect banks to ask for (and what will they look for in what I provide) when I approach them about a term sheet?

[Ryan Groene]

yea essentially that is whats going to happen...but term sheets are more deal specific.

They will basically provide you with a pre-approval letter based up to a certain amount...just like a traditional home loan.  

If you have real estate experience it will be easier for you to get a pre approval letter because it is technically commercial property.

Or you could just show the broker your proof of funds on the equity side and say your going to be buying with bank loan as well...so basically your LTV will be somewhere between 70-80%