Hotel Loan Checklist

Hotel Conventional loan checklist


Part 1: Guarantor’s financial information

1) Download the following zip file. It is an excel form with two tabs, one for your real estate under personal ownership, the other all your businesss partnerships (affiliates)

2) Last statements for checking and saving account, stock and IRA/401K account, and the life insurance if there is a cash surrender value

3) Last mortgage statement for all real estate owned

4) Consumer Experian and Equifax credit reports from or Credit Karma

5) Three years of personal electronic FULL COPY of federal 1040 returns

6) A copy of drives license

7) Guarantor’s financial of the other affiliates owned at 20% or more:

  • Three years of federal tax return of the affiliates
  • Affiliate’s interim financial statement (profit and loss and balance sheet)
  • Affiliate’s Last mortgage statement
  • Affiliate’s last bank statement

Part 2: Hotel’s financial information

1) Three years of hotel’s electronic FULL COPY of federal tax returns

2) Interim profit and loss and balance sheet

3) Purchase and Sale agreement if it is a purchase

4) Promissory note if it is a refinance

5) Last mortgage statement if it is a refinance

6) A copy of the franchise agreement

7) Last quality inspection report

8) Last Property Improvement Plan (PIP) report if a refinance or the newly issued PIP if this is a purchase

9) Monthly STAR reports as of the prior month and December of the past 2 years

10) Manager’s statistics report from the franchise management system as of prior day and as of December 31st of the past two years

11) Customer segmentation: percentage of occupancy for the transient, freeway, business, contracts, and others

12) Copy of any business contracts

13) Capital expenditure (Major items and the corresponding costs) for the past two years

14) Hotel specifications: Year built, Rooms (interior/exterior), Number of buildings and floors, square footage of the building and acreage of the land,etc.

15) A copy of the survey, the last appraisal, and the last phase I report if available