Bank required documentation:

1. Copy of your executed permanent 1st note and mortgage (Please note that term MUST be 10 years for real estate deals, 7 years for equipment only deals);
2. Copy of your executed interim 2nd note and mortgage;
3. Copy of your title company issued loan policy;
4. Wire transfer instructions to pay down the interim financing;
5. Check made payable to SomerCor 504, Inc. in the amount of .5% of your permanent 1st loan amount (termed the “participation fee”);
6. Current ALTA survey of the property being financed. If your project involved substantial construction, ALTA survey must be done post-construction;
7. SomerCor will also prepare all associated SBA required loan documentation to be executed by your financial institution.

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