Obtaining a commercial loan.

[Jonathan Ramsuchit]

Hey everyone,

I'm looking to obtain commercial financing on a short sale/ multifamily for 400k . The property is 2 5 units. 

This is what one lender has told me. Tell me if this is standard.

• 1.A brief First Keystone loan application (attached)

• 2.A copy of the Sales Agreement signed by all parties, allowing you time to process and a financing contingency should you be unable to obtain a loan

• 3.Copies of the leases

• 4.A full rent roll indicting all expenses of the property

• 5.Full copies of your Federal income tax returns for the past three years (personal and any business entities for which you are a 20% or more owner)

• 6.A completed signed Personal Financial Statement (blank for attached)

• 7.Confirmation of funds to make down payment and pay closing costs

• 8.Name and contact information of the Attorney or Title Company you expect to use in conjunction with the purchase

• 9.We will eventually require evidence of insurance naming our bank as Mortgagee (after loan approval)

I have to find my own title company? I thought the banks handles all of that. If so how would I go about find one?