Investment Property Loan Requirements: Quote Checklist

Start with the deal, not a pile of attachments

Write a short summary: property address and state, purchase or refinance, property type, unit count, requested financing, target closing date, and planned exit. State whether you own the property, have a signed contract, or are still searching. Put the same address and borrower or entity name on every supporting document.

For a refinance, distinguish an estimated balance from a current written payoff. For a purchase, separate the contract price from repairs, closing costs and reserves. These are different uses of funds and should remain separate in your investment property financing checklist.

The initial information checklist

Use estimates where needed and label them. An estimated credit range is not a credit report, and providing one through Viera’s initial form does not authorize a credit pull.

Documents to gather after the first review

Depending on the transaction, the lender may request the purchase contract, entity documents, current loan statements and payoff, plans and permits, contractor scope, insurance information, valuation support, leases or a rent roll, and evidence of funds. Requirements vary. “No tax returns” in a particular program does not mean no documentation, no review or automatic approval.

Use a secure document process when requested. Do not send Social Security numbers, bank login details or identity documents in an ordinary text conversation or the initial inquiry form.

Add rental income and expenses for a DSCR inquiry

Gather monthly rent and annual property taxes, insurance and HOA charges. Identify actual lease income separately from estimated market rent. If there are several units, show unit-by-unit rents and occupancy. Explain any vacancy, short-term rental use or related-party lease rather than blending it into one unsupported total.

Our DSCR loan requirements guide explains why the lender’s exact ratio method matters.

A simple quote-readiness example

Imagine a $250,000 purchase with $60,000 of planned repairs. A useful inquiry reports those two amounts separately, states a supported completed-value estimate, and identifies the cash available for closing and carrying costs. Saying only “I need $310,000” leaves unanswered whether the request includes fees, reserves, interest or all project work.

Before submitting, reconcile each document to the latest budget. If the estimate changes, date the revision and explain the difference. Clear records help identify missing information; they do not guarantee approval or a specific response time.

Questions to ask before relying on terms

• Is this an initial indication or a written conditional term sheet?
• What costs, documents and conditions remain outstanding?
• How much cash is needed at closing and between draws?
• What fees, reserves, guarantees and exit conditions apply?

The OCC’s commercial real estate lending handbook discusses borrower analysis, project feasibility and file documentation. It is supervisory guidance for banks, not a universal application checklist or Viera underwriting policy.