I would like some help in putting together a plan in order to take a mortgage out on a building I own in
This property is residential and I have 100% equity in it.
Looking forward to hearing from you.
To help you you will need to provide the following:
1.A "P/L Statement" for the building. This should indicate the rent roll, type and length of any leases, taxes, insurance costs, maintenance costs, bills, etc. A bank is going to request this and more.
2. The reason for the loan.
3. If it is just to pull out cash, without any sound business reason, it is a stretch in today's market or at the least, invites a higher interest rate.
4. Income - the bank will ask for at least the last 2 years tax returns.
5. what is his personal debt ratio and the buildings' debt ratio.
6. His net worth.- Personal Financial Statement
This is a partial list and the bank will probably want more information.