Commercial Mortgage Services

Application & Process


Lenders care mainly about the following during the loan application process; the historical and current performance of the subject property; your personal financial strength as a borrower; and your experience as an investor or operator of income-producing assets (whether as a business owner, landlord, or property manager).

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What Should You Expect?

After communicating your loan needs to the experts at Realty Yield, we will request that you provide some preliminary information that will allow us to begin "shopping" for the best loan for your particular needs. These items will include:

+ Description and details about your (subject) property
+ Current loan/mortgage information
+ Resume/Bio for each borrower
+ Personal Financial Statement (PFS) for each borrower
+ Schedule of Real Estate Owned (SREO) for each borrower
+ Current rent-roll for your (subject) property
+ Prior two-2 years and year-to-date Operating Statements

From here, you will receive one or more loan quote offers from the lenders in our network. After selecting from those preliminary offers, the process of making formal loan application will begin. The chosen lender will pre-underwrite your loan to evaluate the risks related to your credit, capacity, and the condition of your collateral. Once the preliminary underwriting is complete, the lender will provide you with a Term Sheet – also known as a Letter-of-Intent (LOI), outlining the full expectations for the loan. From there, the lender will order an appraisal, any other required third-party reports and move your file through the formal underwriting process. The Credit Department will then generate a FINAL Commitment Letter and close the transaction through escrow.

What’s Needed?

In the early phase of the application process, you should expect prospective lenders to ask for resumes or bios demonstrating your track record with past commercial mortgages, investment properties, or small businesses. As you move through the underwriting process, your chosen lender will need more formal documentation (see Documentation section below) to fully underwrite your loan. The lender will conduct a credit check, and possibly (depending on the lender) require a background check. The lender may also want to review your business plan, references, financial statements, or current proof of your net worth.

How Long Will It Take?

Every lender operates on its own schedule and some are faster than others. Having the experts at Realty Yield connect you to the right lenders will streamline the process to help move things as quickly as possible. The timeline varies depending on your mortgage needs: For short-term bridge or private financing, we can help borrowers see fast closings, usually within 30 days. For first-lien mortgages up to $10M, timelines between 45 and 75 days should be expected.


The documentation you will need to provide for the underwriting of your apartment/commercial mortgage varies depending on the type of loan and the amount of capital you want to borrow. In general, the more documentation provided, the better the rate/terms.

Contact Financing Experts


  • Name of entity (organizational chart if applicable)
  • Personal Financial Statement (PFS)
  • Schedule of Real Estate Owned for each borrower/guarantor (SREO)
  • Resume/Bio for each borrower/guarantor, if applicable
  • Bank statements for verification of deposits
  • Last 2-3 years of tax returns


  • Current rent-roll (including all months up to closing)
  • Operating statements for prior two-2 tax years and current year-to-date
  • Copy of all leases
  • Delinquency report and any outstanding accounts receivable
  • Copy of utility bills for last 12 months
  • Documents related to maintenance history
  • List of capital improvements made over the last 5 years
  • Copy of all operating and service contracts with vendors
  • Certificates of occupancy, if available
  • Proof of building code compliance including operating licenses and permits
  • Title report per lender requirements
  • Description of subject property including representative photos
  • Personal property list that goes with the subject property
  • Insurance company and policy information including claims history
  • Name of Property Management company, if applicable
  • Property inspection report, if requested
  • Appraisal (ordered by lender)
  • Phase I environmental (if required by lender)
  • ADDITIONAL (if available): survey and site plan, floor plans, engineering reports, environmental audits, presence of underground storage tank-s, notices from government agencies, pending lawsuits, etc.

Client Testimonials

All Testimonials
Mike Carlson has the ability to analyze and plan a strategy which takes advantage of market conditions, incorporates the best financing options and most importantly, maximizes the return on your equity.
Gary M
2003 ~ Current
Make no mistake about it; there is a distinct advantage in utilizing an experienced financing liaison. Carlson not only found good properties but also good financing. He made the entire deal work!
John B
2003 ~ Current
We have owned several mid-sized investment properties for many years. I thought we had the financing and refinancing process figured out. I have since learned otherwise. Mike Carlson is much more than a mortgage broker. He is a full service financing resource. His services have proven to be invaluable. Mike Carlson has shown us that the rate, terms and loan amount of a commercial loan can be effectively "negotiated". Anyone would be well served in utilizing his services.When it comes to knowledge of investment property financing Mike Carlson is at the top of my list.
Glen D
2004 ~ Current
I found that Mike’s skills as a financing liaison benefited me financially. He provided the lowest rate that I reviewed. His knowledge and contacts within the banking system worked to our advantage. We were so pleased with Mike’s handling of the sale, purchase and financing of our real estate that we referenced Mike as a contact for our children and our attorney if we should die and the children were to be left with the apartments. We knew that Mike would be honorable and not take advantage of them in settling our real estate holdings.
L Family LLC
2004 ~ Retired
Big thanks to Cory Carlson for helping us sell our single-family home while also purchasing a triplex. As new real estate investors, we were determined to find a great deal that met our criteria. Cory joined us in the hunt and brought to the table some off-market deals, lots of in-depth investment analysis, and several creative financing ideas. Cory is a skilled broker, communicator, and real estate investment advisor I would highly recommend to anyone who is serious about building wealth through real estate.
Ryan R
August 2020