Alberta commercial-mortgage document checklist

1. Prepare the core file

Tell the broker what you want to finance, how the property will be used and when the financing conditions expire. Ask for a secure document channel before sending sensitive records.

• □Property address, property type, proposed use, purchase price or value estimate and requested loan amount.
• □Purchase agreement and amendments, or current mortgage statements and requested refinance purpose.
• □Borrowing entity and ownership structure, signing authorities and relevant company records.
• □Financial statements, current interim results and a clear explanation of the funds available for the purchase and ongoing costs.
• □A schedule of existing debts and any guarantees; identify related companies involved in ownership or operations.
• □Financing-condition, appraisal and closing deadlines, with the broker and lawyer’s roles recorded.

2. If your business will occupy the building

Explain how the premises support the business and how repayments fit the operating budget. Keep the property purchase and the operating company’s needs visible together.

• □Business plan or short operating summary with the intended use of the premises.
• □Historical business results and a forecast that explains its assumptions.
• □Current occupancy costs and estimated post-purchase property costs.
• □Renovation, moving and equipment budgets; identify costs that fall outside the property loan.
• □Any lease between the operating company and the property-owning company, if applicable.

3. If tenants generate the income

Separate contracted income from hoped-for income. A current picture of occupancy helps the lender assess the property.

• □Current rent roll with unit or space, rent, lease term, expiry and vacancy information.
• □Executed leases and amendments, plus relevant renewal options and incentives.
• □Property income and expenses, including taxes, insurance, management, maintenance and utilities paid by the owner.
• □Arrears, vacancy, upcoming lease expiries and planned capital work.
• □For multi-unit or mixed-use property, identify the residential and commercial portions and ask which lending program applies.

4. Coordinate the property reports

Before paying for third-party work, ask the selected lender which reports and professionals it accepts. A report ordered too early or addressed to the wrong party may need to be replaced.

• □Appraisal and any required reliance or assignment arrangements.
• □Environmental assessment and follow-up work if requested.
• □Building-condition assessment, material repairs and capital expenditure plans.
• □Title, zoning, permitted use, insurance availability and any condominium or shared-property documents relevant to the property.
• □For construction or major renovation: plans, approvals, contracts, budget, contingency and proposed draw schedule for lender review.

5. If the lender is private

Private describes the funding source; commercial describes the property or use. A private commercial file can need both the property documents above and a short-term repayment plan.

• □Written fee schedule, interest-payment method, security and any guarantees.
• □Net proceeds after fees and existing debt payouts.
• □Proposed repayment source, evidence needed for a refinance or sale, and a contingency if delayed.
• □Extension, minimum-interest, prepayment and discharge terms.

6. Leave the meeting with a clear next step

Record the missing documents, who will supply them, which reports can now be ordered and the date of the next review. Ask the broker to distinguish a preliminary discussion from a lender commitment and list every outstanding condition.