Commercial financing application: the complete document list

What does a commercial financing application contain

A application answers three questions. Who is borrowing? What is being financed? How will the loan be repaid?

Each lender has its own list. The list below covers what comes up most often. It does not replace your lender's list.

For a commercial real estate loan, BDC says it may ask for several documents after you apply. These are financial statements, a purchase offer and a Phase I environmental report. They also include an appraisal report and a list of leases. More detailed documents may follow, depending on the loan.

Which documents describe the borrower

The lender wants to know the business and its owners. It also wants to know who guarantees the loan.

• Recent financial statements for the business, with those of prior years
• Identification for owners, directors and shareholders
• Up-to-date business registration information
• A personal net worth statement from each guarantor, if the lender requires it
• Statements showing where the down payment comes from

BDC states that any gap between the loan and the price usually comes from the company's working capital or the owner's personal funds. So prove where that money comes from.

If the borrower is a company, the lender wants to understand its structure. It asks who holds the shares and which companies are related.

Also provide a list of existing loans, with balance, rate and maturity. A lender does not like discovering a debt on its own.

BDC states that collateral usually includes the property and that a personal or corporate guarantee may be added.

Which documents describe the property

The property secures the loan. The lender therefore wants to know it in detail.

• Property details: address, type, age and condition
• Current leases, with the tenant and rent list
• Operating income and expenses for recent years
• Municipal and school tax bills
• The property's insurance policies

Leases are the document people forget most often. BDC asks for a list of leases when the property produces rental income.

The rent roll is the document used most. Present it as a table: unit, tenant, area, rent, lease end date and security deposit.

Then attach operating expenses: taxes, insurance, maintenance, energy and management. The lender derives net operating income from them, meaning income minus expenses.

A gap between the rent roll and the signed leases casts doubt on everything else. Check each line before sending.

Which documents describe the project

A purchase, a build and a renovation call for different documents.

For a purchase, provide the signed purchase offer with its schedules. BDC notes that offers often allow only 30 days, which puts pressure on application preparation.

For work, add plans, quotes and a budget that also covers incidental costs. BDC lists due diligence, legal fees and ongoing operating costs among them.

A solid business plan belongs in the application. BDC treats it as a basic requirement, with realistic projections.

For a refinancing, the application changes. You need the current loan balance, its terms and the reason for the request.

For a property to renovate, explain what the work changes: higher rents, new tenants or a building brought up to standard. The lender wants to see the link between the spending and the income.

For land, attach the zoning information. It is requested from the municipality.

Which third-party reports will the lender order

These reports are often paid by the borrower. The lender sometimes chooses which experts it accepts.

• An appraisal of the property's value
• An environmental assessment, often Phase I
• A building condition assessment
• A title search

BDC mentions these four checks. It adds that using bank-approved experts helps. Otherwise the bank may require a second opinion, which can delay the deal.

Order the reports in the right sequence. The environmental assessment and the title search can reveal a problem that changes the project.

It is better to know before spending money on the other reports. Ask the lender what it wants first.

Keep a copy of every report. A third-party report sometimes serves several lenders, but not always: some require a report addressed to them.

How should the application be presented

A clear application reads fast. A messy application raises questions.

• Send clean, complete copies, never crooked photos
• Name each application after its content
• Add a one-page summary of the project
• Flag weak points yourself, with an explanation
• Keep a single version of each document

The lender then runs its own due diligence. According to BDC, every application goes through that step before an offer is made.

Follow the lender's order too. If it numbers its list, number your files the same way.

Date each document. A rent roll without a date is worth little.

If a document does not exist, say so and explain why. A gap that is explained gets settled faster than one that is discovered.

Finally, check that the documents do not contradict each other. The address, names and amounts must be the same everywhere.

A tiny inconsistency forces the lender to ask a question. Each question costs an exchange of emails, so days.

What should you do next

Before gathering anything, ask your lender for its exact list. It varies by lender and by project.

Meet the lender before submitting a purchase offer, as BDC advises. You will then know which documents will matter.

If you would rather compare financing types first, read the commercial financing family and the guide on documents required for a commercial purchase. PMECAP is a free comparison site: its request form goes to a mortgage brokerage firm registered with the AMF. PMECAP does not analyze the application itself and promises no result.

FAQ

Sources

• BDC — How to get approved for commercial real estate financing (accessed October 13, 2026)
• BDC — Business financing FAQs (accessed October 13, 2026)
• BDC — How a bank looks at your business (accessed October 13, 2026)
• BDC — Commercial real estate loan (accessed October 13, 2026)