Applying for a commercial real estate loan with RMO involves a more detailed process than residential lending due to the complexity of commercial properties. Here is what to expect.
Step 1: Initial Consultation
Schedule an appointment through MyRMO or by calling us. During this meeting, an Expert will discuss your project, property type, financing needs, and help determine which loan product is the best fit.
Step 2: Application and Documentation
Submit your application along with the following:
- Business financial statements (2–3 years of tax returns, profit and loss, balance sheet)
- Personal financial statement and tax returns for all owners with 20%+ ownership
- Property information (address, purchase price or estimated value, intended use)
- Rent roll (for income-producing properties)
- Business plan and projected financials (for construction or new ventures)
- Environmental reports (Phase I, if applicable)
Step 3: Underwriting and Appraisal
RMO will order a commercial appraisal and conduct a thorough review of your financial profile and the property. This typically takes 2–4 weeks.
Step 4: Approval and Closing
Once approved, you will receive a commitment letter outlining the loan terms. Closing is coordinated by your Expert and typically occurs within 30–60 days of application depending on loan complexity.