1. 1650 Market Street, 36th Floor Philadelphia PA Phone: (267) Fax: (267)

2. Property Types Commercial Multi Family Office Retail Hotel/Motel
Industrial
Restaurants
Daycares
Resorts

3. Loan Application Sections
Borrower Information
Property
Employment
Income
Assets & Liabilities
Schedule of Real Estate Assets

4. Westmoreland Initial Documentation
INITIAL DOCUMENTS
OTHER DOCUMENTATION
Loan Request Form
Investment Summary
This must be completed in full and must include all addresses along with Zip Codes
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.
Credit Report
Business Plan
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.
Copy of any existing appraisal(s) on subject property
Color digital photos – inside and outside
Copy of Survey
Clear Title Commitment
Prior Title Policy
Title Insurance
Copy of all notes being refinanced (all pages)
Proof of Current Liability Insurance on the subject property

5. Personal Documentation Checklist
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
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
Supply a complete rent roll and signed Estoppel Certificates from each tenant with copies of all lease agreements
Provide an appraisal from an authorized appraisal firm of Westmoreland’s choosing.
Provide a complete list as to the disbursements of this mortgage in addition to paying off the existing first mortgage on the Subject property.
List of Shareholders with percentages owned by each.
Supply complete list of current tenants which shall include: name, address, phone number
Shall provide clearance certificates or letters of compliance from all relevant local, state and federal authorities confirming:
That the use of the premises complies with any or all local and state zoning or entitlement regulations.
That the premises complies with the fire code, building code, health and safety regulations and any or all environmental regulations required by law.
That all commercial uses being conducted at the premises and/or on the subject lands are currently licensed or otherwise lawful.

6. 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
Provide an existing survey for the entire parcel of land, along with copies of any or all building permits obtained since the ownership commenced. 
Provide Current Title Insurance
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.
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 
Obtain an environmental assessment on the subject property by an authorized assessor of Westmoreland’s choosing. 
Full articles of incorporation (must show officers and Directors) 
Corporate Operating Agreement (must show percentages owned by all) 
Certificate of good standing
Business License (state and Local)
Preliminary Title Report
Business Debt Schedule
Rent Roll on Subject Property(if applicable)(required if income producing property)
Copy of all leases on subject property (required if income producing property)
Property Management Agreement with Resumes
All Federal/State/Local Business Licenses

7. In Addition, for All Construction Loans:
Copy of the Contractor’s License and Liability Insurance
 Copy of all permits and approvals
Contractors estimates of costs
Contractors and/or project managers resume
Estimated Draw Schedule
Contract for sale (if applicable)
 Architects Zoning analysis that shows how the project complies with the Zoning requirements (this is usually in the building plans)
Unit Mix with unit size (if not indicated on the plan)
Construction Budget with hard and soft costs outlined
Operating Budget with hard and soft costs outlined
Projected sale or rental price levels for the residential and commercial units
When will construction start? Projected length of construction?
Anything else that you can think may be useful to the appraisal

8. Pricing, Rates & Fees
A deposit of TBD of the lender administration fee upon the execution of the Letter of Intent.
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, 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

9. Verification Forms Required
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.
Verification of Mortgage – Please insert mortgage loan numbers and lender information.
12 Month Mortgage(s) payment history – can be obtained from the current lender.

10. 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 .
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.
All transactions will be solidified by way of JV Agreements and or Operating agreements that adequately and properly represent the transaction
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.

11. 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.

12. 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

13. Letter of Intent (pre-approval) Commitment (approval)
Submission
Letter of Intent (pre-approval)
Commitment (approval)
Appraisal & Environmental
Underwriting
Closing
Funding
Initial Documents
Signed LOI
Signed Commitment
All Documents Pursuant to The Terms of the Commitment
All Documents Pursuant to The Terms of the LOI F
Mortgage Application
Review All Documents U
Credit Report
Review With Co-Lenders
Receive outstanding documentation from Borrower
Receive Appraisal, shore up any difference with collateral if necessary
Review Appraisal & Environmental
Clean Environmental N
Investment Summary
Review Documentation With Borrower
Receive Environmental, Order Phase 2 if not clean if necessary D
Executive Summary
Order Appraisal & Environmental
Accurate Appraisal, No Shortfall
Accurate Appraisal, No Shortfall (can be shored up by collateral) I
Business Plan
Final Review
Closing Instructions To Lawyers
Financing Request Form
Authorization to Close
Funds Advanced G

14. Broker Closing Details
BROKER FEE AGREEMENT
CLOSING
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
Commission paid to Broker on closing
Closing Package Returned to Westmoreland Equity Fund LLC within after closing.
Closing Instructions are sent to attorneys
Borrower signs the loan documents
Funds are advanced.

15. 1650 Market Street, 36th Floor Philadelphia PA Phone: (267) Fax: (267)