Seeking commercial financing for real estate. Is this normal?

I’ve been talking with a commercial lender for a project that I may need financing on. He’s asking me to fork over all kinds of information.

  • Past 3 years of personal tax returns
  • Past 3 years of business tax returns
  • Interim financials for all of my business entities
  • Current personal financial statement
  • Every conceivable document related to when I formed my business entity (articles of organization, operating agreement, tax ID number, etc)
  • Business plan
  • Projected financials for the next 2 years
  • Personal Credit Report
  • Business Credit Report

It feels like a lot, and this isn’t even everything. Is this normal?

I’ve never applied for a commercial loan before, so maybe I’m just being a drama queen. Either way, I figured I’d ask here to see what everyone else’s experience is. Is my loan offer over-reaching with any of this or are these all reasonable requests?

@mattpayne that all sounds pretty standard to me. I went through a preliminary commercial loan approval earlier this year and the checklist was similar (though I only had to produce 2 years of tax returns, not 3).

The business plan doesn’t always apply to investment real estate, but if you are buying it for the purpose of running a legit business concern out of the property, that seems like a reasonable request to me.

@mattpayne that list doesn’t look to bad to me. My husband applied for some commercial financing last year and his list was much bigger. It was like slow drip torture and it went on for months.

It’s not that hard to pull your tax returns and and financials together, is it?

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C’mon @amybreen and @retipsterseth, you’re supposed to be on my side here! Lol.