Co-operative Loan Application Requirements

The following is a list of items we request in order for us to begin the loan process.

We realize this is a lot of information, however, the good news is that we tell you everything we need up front, and this information will allow us to respond quickly to your request.

• The Co-operative's CPA prepared fiscal year end financial statements for the last two years and tax returns for the last year.
• A copy of the current fiscal year's budget with year to date actual results for the current year and projected budget, if applicable.
• Itemized delinquency report and a current list of accounts payable.
• Copy of recent deposit account statements to confirm operating and reserve account balances.
• List of owners, tenants, and addresses per unit.
• Copies of By-Laws and Declarations inclusive of all subsequent amendments.
• Detailed description of improvements/repairs planned and copies of contracts, engineering reports and reserve study.
• Delinquency collection policy, units owned by the association and owner occupancy ratio.
• Names, addresses and phone numbers of accountant, attorney, contractor, and current Co-operative Board members.
• Copy of the past three months of Board meeting minutes.
• Describe the lawsuits brought by or brought against the Co-operative.
• Describe the complex: number of units and number of buildings and directions to the property.
• Satisfactory receipt and review of Bank approved appraisal (if applicable), title, flood and environmental assessment.

For more information, call our Trusted Industry Experts at (847) 304-5940 or email service@communityadvantage.com.