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When applying for a commercial loan for investment properties, you need to have the correct documents. Without them, the process can experience significant setbacks and the lender could deny you financing until you submit them. Howell Investment Finance of Ames, IA, is here to help you through the process of getting the financing you need for your real estate investments.

Here are three crucial documents you will need to get started when applying for a commercial loan for investment properties:

  • Rent Roll: The current rent roll is one of the most important documents to have when applying for any type of commercial or multifamily mortgage. This includes unit number, tenant name, rent per unit, lease start and end date, market rent, square footage or number of bedrooms & baths, laundry, garage, and other income. This will also show if there are any vacancies along with the total of all income.
  • Prior Years Income Statement: The other important document you’ll need to submit is the past 2-3 years of income statements and a Year-to-Date. This shows how much income the building generates and the costs to operate it, and consequently shows the lender how much of a loan you can obtain on the property.
  • investment propertiesSummary of the Property:  Another piece of information you’ll need is a summary of the property you want to finance. This includes general information about the condition, recent improvements and also improvements you want to make, up-to-date photos or digital images of the investment property are very helpful.

Taking the time to gather up these and other documents can help ensure that your commercial loan for investment properties is approved as quickly as possible.

When you’re ready to get started financing your apartments or commercial properties, call Howell Investment Finance at (515) 233-8228 as they specialize in commercial loans obtained through HUD, Fannie Mae, Freddie Mac and they maintain a wide network of lenders across the country giving you a wide range of options.  In addition to Ames, the company serves Ankeny, Cedar Rapids, Des Moines, West Des Moines, Dubuque, Sioux City, Davenport, and Iowa City.

Visit their website now to learn more about their commercial lending services, or call (515) 233-8228 to start financing your apartment today. 

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