- Commercial purchase, refinance, and cash-out loans
- Owner-occupied commercial property
- SBA 7(a) loans
- SBA 504 loans
- DSCR rental-property, short-term rental, and portfolio loans
- Apartment and conventional multifamily loans
- Fannie Mae, Freddie Mac, and HUD/FHA multifamily
- Bridge, private-money, hard-money, and fix-and-flip loans
- Ground-up construction, land development, and build-to-rent
- CMBS / conduit and other institutional property financing
- Equipment financing, business acquisitions, and working capital
- Mezzanine debt and preferred equity
RIVER BEAR INSIGHTS · ARTICLE
A stronger loan review
starts with a clear story.
Prepare for a commercial financing review: borrower, property, and project documents for purchase, refinance, SBA, DSCR, multifamily, bridge, construction, and business financing.
Published September 30, 2026 · River Bear Financial · Prepared with AI assistance. Educational information, not personalized financing advice.
What Do You Need for a Commercial Loan? A Borrower Checklist by Program
You do not need a perfect binder to start a conversation. You do need to explain what you are buying or financing, how the loan will be repaid, and what resources support the plan.
As a mortgage brokerage, River Bear helps organize the request and discuss possible financing paths. The lender makes its own underwriting decision and sets the final documentation requirements. This guide covers the financing categories discussed on our website; it is not a promise that River Bear can place every program or serve every location.
Start here: your initial deal summary
- The property or business: address or city and state, property type, unit count or size, and intended use.
- The request: purchase, refinance, cash-out, construction, or another purpose; requested amount and total project cost.
- The timing: contract deadlines, current loan maturity, and desired closing date.
- The repayment plan: existing property income, operating-business cash flow, sale, or refinance.
- Your position: ownership structure, relevant experience, and an approximate equity and reserve budget.
- The complications: vacancy, repairs, permit issues, credit concerns, or other items that could change the plan.
Keep this first conversation general. We will confirm the appropriate secure process before requesting sensitive records.
The borrower package most lenders will explore
Expect questions about who owns and controls the borrowing entity, who will guarantee the loan if required, relevant experience, existing debts, liquidity, and credit history. During a full review, requested records may include:
- Entity formation and governing documents, ownership percentages, and authority to borrow.
- Personal financial statements, a real-estate-owned schedule, and evidence of the source of equity and reserves.
- Business or personal tax returns and financial statements when the program requires them. Many full-documentation reviews request two or three historical years plus current interim statements; the lender specifies the actual periods.
- Identity verification and authorized credit review through the lender’s secure process.
- Explanations and supporting records for material credit events, litigation, contingent obligations, or unusual financial changes when requested.
Not every item applies to every program. In particular, a rental DSCR program may assess repayment differently from an owner-occupied business-property loan.
Commercial purchase, refinance, and cash-out loans
Lenders look at the property’s income, collateral, borrower strength, and repayment plan.
- Purchase: the signed contract if available, amendments, earnest-money and financing deadlines, and a breakdown of the funds needed to close.
- Property: current rent roll, leases and amendments, recent operating statements, current-year results, taxes, insurance, and known repairs. A rent roll should identify units or tenants, rent, lease dates, occupancy, and concessions.
- Refinance: current loan statements, maturity date, existing loan terms, prepayment provisions, ownership history, and the proposed use of any cash-out proceeds.
- Be ready to explain vacancies, large expense changes, late payments, and the difference between actual income and projected income.
Owner-occupied commercial property
The operating business’s ability to repay matters alongside the building.
- Business tax returns and financial statements for the periods requested; current profit-and-loss statement, balance sheet, and business debt schedule.
- Description of the business, ownership, operating history, and the space the business will occupy versus lease to others.
- Purchase or refinance details, lease between related entities if applicable, and the budget for improvements, equipment, moving, and working capital.
- Projections with stated assumptions when the transaction involves expansion, a new location, or a material change in operations.
SBA 7(a) loans
The lender reviews repayment capacity, eligible use of proceeds, and current SBA eligibility requirements.
- Business ownership and affiliate information; the lender’s current borrower forms, including SBA Form 1919 when applicable.
- Historical business financials and tax returns, interim statements, debt schedule, and personal financial information for the owners or guarantors requested.
- An itemized use-of-funds schedule: property, equipment, eligible debt refinance, business acquisition, or working capital.
- For an acquisition, provide available purchase terms, seller financials, and transition plans. For a startup or expansion, prepare a business plan, projections, and evidence supporting the assumptions.
- Identify the source of the equity contribution. The lender determines the final document list and applicable eligibility tests.
SBA 504 loans
A participating senior lender and Certified Development Company evaluate an eligible fixed-asset project.
- The business and owner package described above, plus a detailed fixed-asset project budget and proposed financing sources.
- Purchase agreement or construction plans and bids, proposed business occupancy, and information about any leased space.
- Equipment specifications and quotes when equipment is part of the project; evidence of the proposed borrower contribution.
- Information the CDC requests about the business and applicable job-creation or public-policy criteria. Separate working capital and inventory from the 504 project; those are not eligible uses of 504 proceeds.
DSCR rental-property, short-term rental, and portfolio loans
These programs may emphasize rental income rather than employment income, but they still require underwriting.
- Property address, unit count, purchase price or current debt, intended rental use, and ownership entity.
- Existing leases, rent roll, taxes, insurance, association dues, and other payment components required by the lender; market-rent evidence may be requested.
- Credit authorization and verification of funds for closing and reserves, plus entity and guarantor documents as required. Do not assume “DSCR” means no documentation.
- Short-term rentals: operating permission, booking and revenue history, management expenses, and any projections the lender accepts. Ask whether that use is eligible.
- Portfolio or blanket loans: a property-by-property schedule with rents, expenses, debt, values, and requested release plans. Clarify which properties secure which obligations.
Apartment and conventional multifamily loans
The review connects property operations with sponsor experience and financial capacity.
- Current rent roll, trailing-12-month income and expenses, historical operating statements for the requested periods, and year-to-date results.
- Unit mix, occupancy, concessions, collections, delinquencies, lease samples or full leases as requested, and property-management information.
- Recent capital improvements, deferred maintenance, planned renovations, and the source of funds for that work.
- Sponsor experience, a schedule of other owned properties and related debt, liquidity, contingent liabilities, and proposed ownership structure.
Fannie Mae, Freddie Mac, and HUD/FHA multifamily
These channels build on the multifamily package and add program-specific sponsor, property, and reporting requirements.
- For agency review: ownership and control structure, key-principal information, real estate experience, financial capacity, and property operating records.
- For HUD/FHA 223(f): existing-property operations, physical condition and repair needs, management, and the sponsor package requested through the appropriate lender.
- For HUD/FHA 221(d)(4): construction or substantial-rehabilitation plans, specifications, cost estimates, schedule, development-team experience, and zoning and entitlement status.
- Expect lender-directed third-party review. River Bear does not claim agency or HUD approval or affiliation; confirm access to the appropriate channel before preparing a full program application.
Bridge, private-money, hard-money, and fix-and-flip loans
A short-term loan needs a clear use of funds and a credible repayment exit.
- Purchase contract or current payoff information, property condition and photos, scope of work, line-item renovation budget, and timeline.
- Relevant completed-project experience, contractor information, entity documents, and available equity and liquidity.
- Evidence supporting the current value and proposed after-repair value, clearly identifying estimates rather than representing them as an appraisal.
- A sale or refinance exit plan and a backup scenario for delays, lower proceeds, or higher costs. Ask about draws, holdbacks, inspections, extensions, and prepayment terms.
Ground-up construction, land development, and build-to-rent
The lender needs to understand both the project’s feasibility and the borrower’s ability to complete it.
- Site address and control, land basis, survey and available title information, zoning, entitlements, permits, utility access, and outstanding approval milestones.
- Plans and specifications, contractor bids and contract, detailed sources-and-uses budget, contingency, schedule, and proposed draw milestones.
- Developer and contractor track records, financial capacity, insurance information, and any proposed completion guarantees.
- For land development: subdivision or site plans, infrastructure costs, phasing, and the proposed lot-sale or vertical-construction plan.
- For build-to-rent: unit mix, leasing assumptions, operating budget, management plan, and proposed long-term financing. Separate approvals obtained from those still expected.
CMBS / conduit and other institutional property financing
Institutional execution can add ownership, reporting, and legal-structure requirements.
- The property operating and sponsor package, major leases, tenant concentrations, lease expirations, and capital needs.
- A complete ownership chart and existing debt information; proposed subordinate debt and related agreements, if any.
- Be prepared for lender and counsel review of entity structure, recourse carveouts, reserves, reporting, and prepayment or defeasance provisions. Non-recourse does not mean no guarantees or obligations.
Equipment financing, business acquisitions, and working capital
These are business-financing categories, not interchangeable versions of a property loan. Ask River Bear to confirm whether it can assist.
- Equipment: supplier quote, description, cost, age and condition, intended business use, and business financials.
- Business acquisition: letter of intent or purchase agreement, seller financials and tax returns as requested, asset breakdown, valuation information, and the buyer’s transition plan.
- Working capital or a business line of credit: purpose and amount, cash-flow forecast, business bank statements, debt schedule, and accounts-receivable/payable aging or inventory reports where relevant.
- Explain seasonality, customer concentration, existing liens, and how the financing will be repaid.
Mezzanine debt and preferred equity
These specialized capital structures involve additional debt or equity terms and are not advertised here as confirmed River Bear offerings.
- Full capital stack, senior-loan documents or proposed terms, entity ownership chart, project model, and sponsor financial information.
- Proposed distributions or payment priorities, investor rights, exit assumptions, and any existing consent or transfer restrictions.
- Identify whether the senior lender permits the structure. Legal, tax, and lender review are essential to understanding the obligations.
Property types can add another layer
Office, retail, industrial, and mixed-use requests may require more detail about major tenants, lease reimbursements, use, and tenant improvements. Hotels may require management or franchise agreements and operating metrics. Self-storage requests may require occupancy and unit-level revenue information. Identify specialized operations early so the lender can provide the correct checklist.
What usually comes later?
The full review may involve an appraisal, environmental assessment, property-condition or engineering work, title and survey review, insurance review, and other reports. Share existing reports, but do not order new ones before the lender confirms its scope, approved providers, and reliance requirements. An old report may not be acceptable for a new loan.
Three ways to keep your review moving
- Use consistent dates. Label statements clearly and explain gaps between a rent roll, tax return, and operating statement.
- Separate actuals from projections. Identify assumed rent increases, reduced expenses, future permits, and expected values.
- Tell us what is missing. A clear explanation is more useful than an incomplete document presented as final.
Ready to talk through your deal?
Start with the property location, financing goal, approximate amount, and timeline. We will help identify the next questions and confirm whether a financing path is available.
Illustrative preparation checklist only. Documentation, guarantees, eligibility, and program access vary by lender, borrower, property, and jurisdiction. Providing documents does not guarantee a quote, approval, rate, or closing.
Sources and further reading
Reference check: September 30, 2026. These sources explain selected program requirements; the checklist is an editorial preparation guide, not a replacement for the lender’s current checklist.
- SBA: 7(a) loans and lender-specific application requirements
- SBA: borrower information form
- SBA: 504 fixed-asset financing
- Freddie Mac: getting started with multifamily financing
- HUD: multifamily program descriptions
- Lima One: example construction documentation requirements (third-party example; no River Bear affiliation implied)
LET’S LOOK AT THE DETAILS
Bring us the property.
And the questions.
Start with the goal, the timing, and the financing need.