Bank required documentation:
- 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);
- Copy of your executed interim 2nd note and mortgage;
- Copy of your title company issued loan policy;
- Wire transfer instructions to pay down the interim financing;
- Check made payable to SomerCor 504, Inc. in the amount of .5% of your permanent 1st loan amount (termed the “participation fee”);
- Current ALTA survey of the property being financed. If your project involved substantial construction, ALTA survey must be done post-construction;
- SomerCor will also prepare all associated SBA required loan documentation to be executed by your financial institution.
PLEASE NOTE: This list covers the typical requirements for most loans. Your specific loan may require additional documentation. Please contact your SomerCor closing officer for specific details.