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1650 Market Street, 36th Floor
Philadelphia PA 19103
Phone: (267) 675-7020
Fax: (267) 319-7901
[email protected]
Property Types
 Commercial
 Multi Family
 Office
 Retail
 Hotel/Motel
 Industrial
 Restaurants
 Daycares
 Resorts
Loan Application Sections
 Borrower Information
 Property
 Employment
 Income
 Assets & Liabilities
 Schedule of Real
Estate Assets
Westmoreland Initial Documentation
INITIAL DOCUMENTS
OTHER DOCUMENTATION
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Loan Request Form
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Investment Summary
Copy of any existing appraisal(s) on
subject property
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Color digital photos – inside and outside
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Copy of Survey
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Clear Title Commitment
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Prior Title Policy
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Title Insurance
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Copy of all notes being refinanced (all
pages)
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Proof of Current Liability Insurance on
the subject property
This must be completed in full and must include all addresses
along with Zip Codes
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Mortgage Application
Complete the commercial loan application in its entirety for
each individual borrower and/or guarantor. You must attach to
this application a net worth Statement and Credit Report (not
older than 6 months) for each borrower and/or guarantor.
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Credit Report
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Business Plan
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Appraisal
Will be engaged by Westmoreland Equity Fund LLC within 3 – 5
business days upon execution of the commitment, providing
there is sufficient documentation to do so.
Personal Documentation Checklist
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Borrower(s) and or Guarantor(s) shall obtain
independent legal advice in a form and content
satisfactory to the Lenders Attorney. (Must be on legal
counsel’s letterhead).
Provide list of their debts to be paid from the advance
of this mortgage, with supporting documentation, not
to exceed the amount to be advanced.
Borrower(s) and or guarantor(s) shall submit letter
authorizing debts to be paid directly. Must be on
company letterhead.
Provide confirmation from relevant local, state and/or
federal authority that the commercial property
complies with all relevant Housing legislation and/or
relevant legislation

Provide an appraisal from an authorized appraisal firm
of Westmoreland’s choosing.
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Provide a complete list as to the disbursements of this
mortgage in addition to paying off the existing first
mortgage on the Subject property.
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List of Shareholders with percentages owned by each.
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Supply complete list of current tenants which shall
include: name, address, phone number
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Shall provide clearance certificates or letters of
compliance from all relevant local, state and federal
authorities confirming:
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That the use of the premises complies with any or all
local and state zoning or entitlement regulations.
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Borrower(s) and or guarantor(s) shall supply written
confirmation that the rents currently charged to the
rental units are lawful pursuant to applicable legislation
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That the premises complies with the fire code, building
code, health and safety regulations and any or all
environmental regulations required by law.
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Supply a complete rent roll and signed Estoppel
Certificates from each tenant with copies of all lease
agreements
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That all commercial uses being conducted at the
premises and/or on the subject lands are currently
licensed or otherwise lawful.
Personal Documentation Checklist

Supply a letter from all authorities confirming that an
inspection was conducted on the subject premises.
The letter shall confirm that the property and/or use of
the property is in full compliance of all regulations
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Provide an existing survey for the entire parcel of land,
along with copies of any or all building permits
obtained since the ownership commenced.
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Obtain an environmental assessment on the subject
property by an authorized assessor of
Westmoreland’s choosing.
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Full articles of incorporation (must show officers and
Directors)
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Corporate Operating Agreement (must show
percentages owned by all)
Provide Current Title Insurance
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Certificate of good standing
Supply all documentation, permits, plans, etc that
were submitted to all relevant local, state and federal
authorities that were approved for the commercial
property, including and not limited to environmental
impact studies.
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Business License (state and Local)
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Preliminary Title Report
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Business Debt Schedule
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Rent Roll on Subject Property(if applicable)(required if
income producing property)
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Copy of all leases on subject property (required if
income producing property)
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Property Management Agreement with Resumes
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All Federal/State/Local Business Licenses
Shall supply written confirmation and supporting
documentation that all debts, assets and items
disclosed on the credit report, mortgage applications,
referring information submissions and all initial
documentation submitted prior to the execution of the
commitment are true and accurate
In Addition, for All Construction Loans:
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Copy of the Contractor’s License and Liability Insurance
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Copy of all permits and approvals
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Contractors estimates of costs
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Contractors and/or project managers resume
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Estimated Draw Schedule
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Contract for sale (if applicable)
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Architects Zoning analysis that shows how the project complies
with the Zoning requirements (this is usually in the building plans)
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Unit Mix with unit size (if not indicated on the plan)
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Construction Budget with hard and soft costs outlined
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Operating Budget with hard and soft costs outlined
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Projected sale or rental price levels for the residential and
commercial units
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When will construction start? Projected length of construction?
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Anything else that you can think may be useful to the appraisal
Pricing, Rates & Fees
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A deposit of TBD of the lender
administration fee upon the
execution of the Letter of Intent.
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Lender's Administration fee
is TBD. Upon signing
commitment the borrower shall
pay to Westmoreland Equity
Fund LLC or to whom they may
direct 1% of the lender
administration fee and the
balance on closing
Brokerage Fee | The borrower is responsible for the brokerage
fee and Westmoreland Equity Fund LLC may pay the brokerage
fee directly from the mortgage advance on closing.
Lender Legal Fee | Upon acceptance of the commitment the
Borrower is to pay a legal retainer in the amount of TBD upon
signing the commitment and the balance of the lender’s legal fees
plus disbursements on closing.
Closing Fee | Upon acceptance of the Commitment, the
Borrower shall pay to the Lender a non-refundable closing fee of a
minimum of $1,500.00 to cover the cost of Title Fees.
Commitment Fee | Upon signing commitment the borrower
shall pay to Westmoreland Equity Fund LLC or to whom they may
direct TBD of the Commitment fee, which is credited on closing
Verification Forms Required
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Verification of Deposit both personal & corporate – please
insert account numbers & bank names with addresses (please
bring VOD form to your bank to fill out & then send forward to
our office.
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Verification of Mortgage – Please insert mortgage loan
numbers and lender information.
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12 Month Mortgage(s) payment history – can be obtained
from the current lender.
Joint Venture & Equity Participation
AVAILABLE OPTIONS
Westmoreland also offers various JV and Equity participation loans & programs.
•
In cases where borrowers own the land but do not have the funds to construct,
we will advance up to 85% of the Cost to Complete and retain 30% equity
participation .
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I n cases where the borrower does not have the additional 15% to complete the
project but owns the land, Westmoreland will invest by way of equity the
remaining balance and increase its equity participation to an agreeable amount.
•
Other JV opportunities exist on completed projects with the same Loan to Value
advances and percentages.
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All transactions will be solidified by way of JV Agreements and or Operating
agreements that adequately and properly represent the transaction
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The loan advances must be proceeded with by way of Letter of Intent and
Commitment, with the same compliance requirements with the JV Agreement
and Operating Agreements treated separately but all inclusive in the
transaction.
•
Other programs are also available to suit varying projects.
Important Note
 THE ONUS IS ON THE BORROWER/GUARANTOR
TO VERIFY THAT ALL REPRESENTATIONS MADE
IN THE APPLICATION AND THE INITIAL
DOCUMENTATION ARE TRUE, FACTUAL AND
ACCURATE TO THE BEST OF THEIR KNOWLEDGE.
Common Reasons Deals Do Not Close
 Not completely upfront and forthright
Who the applicants are
Undisclosed Mortgages
Undisclosed Foreclosures
Undisclosed Litigation
 Inaccurate Estimated Property Value
 Inaccurate/incomplete Property Information
All Documents Pursuant to All Documents Pursuant
The Terms of the
to The Terms of the LOI
Commitment
Mortgage Application All Documents Pursuant to
The Terms of the LOI
Funding
Closing
Commitment
(approval)
Signed Commitment
Underwriting
Letter of Intent
(pre-approval)
Signed LOI
Appraisal &
Environmental
Submission
Initial Documents
F
Review All Documents
All Documents Pursuant
to The Terms of the
Commitment
U
Clean Environmental
N
Credit Report
Review With Co-Lenders
Receive outstanding
documentation from
Borrower
Receive Appraisal,
shore up any
difference with
collateral if
necessary
Review Appraisal &
Environmental
Investment Summary
Receive outstanding
documentation from
Borrower
Review Documentation
With Borrower
Receive
Environmental,
Order Phase 2 if not
clean if necessary
Clean Environmental
Executive Summary
Review Documentation
With Borrower
Order Appraisal &
Environmental
D
Accurate Appraisal, No
Shortfall
Accurate Appraisal, No
Shortfall (can be shored
up by collateral)
I
Business Plan
Final Review
Closing Instructions To
Lawyers
N
Financing Request Form
Authorization to Close
Funds Advanced
G
Broker Closing Details
CLOSING
BROKER FEE AGREEMENT
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Broker Fee Agreement to be submitted
to Westmoreland within 48 hours of
signing the commitment
Review of document by broker;
Accuracy, Sign & Return to
Westmoreland Equity Fund LLC
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Commission paid to Broker on closing
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Closing Package Returned to
Westmoreland Equity Fund LLC within 510 after closing.
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Closing Instructions are sent to
attorneys
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Borrower signs the loan
documents
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Funds are advanced.
1650 Market Street, 36th Floor
Philadelphia PA 19103
Phone: (267) 675-7020
Fax: (267) 319-7901
[email protected]