What to send when you bring us a commercial file.
This page is written for licensed brokers, not borrowers. It is the short version of what we need to size a deal, what makes a file move faster, and what reliably slows one down.
The borrower facing document list is a separate thing and lives on the deal submission checklist. Send your client that one. Use this one yourself.
The minimum to size a deal
Five items. With these we can tell you whether the file is fundable and roughly where it prices, usually the same day.
Property address and type.
Asset class, location and a short read on condition and tenancy quality.
Rent roll or operating statements.
Income property needs the rent roll. Owner occupied needs the business financials and the occupancy cost.
Purchase agreement or current mortgage.
Price, deposit and subject dates on a purchase. Balance, rate, maturity and lender on a refinance or renewal.
Borrower net worth summary.
A one page statement of assets, liabilities and liquidity. Commercial credit reads the sponsor as well as the building.
The timeline.
Subject removal, closing or maturity. It decides which lenders are realistic before anything else does.
What materially speeds a file up
None of these are required to start. All of them shorten the file when you have them at submission rather than three weeks in.
Lease abstracts.
Term, options, escalations and recovery structure. Saves the underwriter reading every lease and saves you the follow up.
A trailing twelve month statement.
Actual operating performance beats an annualised snapshot, especially where the income has moved recently.
Any environmental report in hand.
An existing Phase 1 tells us early whether the asset is placeable and with whom, particularly on industrial and fuel related sites.
A clear borrowing entity.
Who is borrowing, who is on title, who signs and who is prepared to covenant. Vague ownership stalls files at the worst point.
What slows files down
Three things account for most of the delay we see on broker submitted files, and all three are cheap to fix before submission.
Rent rolls that do not reconcile to the leases. Missing or expired leases where a tenant is holding over with nothing signed. And a corporate structure discovered late, typically a numbered company on title that nobody mentioned, or a shareholder who will not sign personally after the term sheet is already out.
If any of these are true on your file, say so up front. They are all workable when known and all expensive when found.
How to send it
Use the referral form on the broker hub and note that a package is coming, or send the file directly and we will confirm receipt the same day. If you would rather test the deal before assembling anything, send the four item version on the deal review page instead.
Submission questions we hear most.
Related pages for brokers
Send the file when you are ready.
Partial packages are welcome. We will size what you have, tell you what is missing and work the gaps with you.
Canadian Commercial Mortgages is a licensed mortgage brokerage operating in British Columbia. Fees are agreed in writing before any work begins, paid on funding, and disclosed to borrowers as required by the BC Financial Services Authority.