Hello All! I'm currently in the process of applying for a refinance on an investment property with NFCU Business Services. The process is a bit lengthy and has multiple components to it and I haven't found any threads here that cover the process. Never fear, your thread is here! I'll keep everyone updated with the process and what they require along the way. The application and all supporting documents were received yesterday to their regional office.
Items Required
- NFCU Commercial Loan Application
- NFCU Personal Financial Statement
- Copy of the existing loan statements for the properties being refinanced, which should include the payoff, term, etc
- Copies of all existing lease agreements, if the properties are being leased out
- Copy of the 2015 year end rent roll, if the properties are being leased out
- Two years of personal tax returns for each owner (2013, 2014)
- Copy of the 2015 personal W2 for each owner within the business
- Two years of tax returns for the borrowing business, with all pages and schedules (2013, 2014)
- Copy of the 2015 year end profit and loss statement with balance sheet for the business
- Copy of the last completed appraisal for the properties being refinanced (if available)
I'm not sure what the lead time is to hear on anything like this. The business side is unlike the personal side where you can complete everything online. Here they e-mail you PDF files and you need to mail them all in via snail mail as they always do a manual review. When we got approved for our NFCU Biz MasterCard it took about a week. If anyone has any questions let me know, and i'll keep you all posted!
Gardening since 12/15/2019. Goal 12/15/2021