What to Send for an Apartment Refinance

Start with the property packet

For an apartment refinance, send the property story in one package. That combination answers most of the first underwriting question on 5 to 10 Unit DSCR and 10+ Unit DSCR programs.

✓Property address and legal unit count
✓Current rent roll
✓Trailing twelve-month operating statement
✓Payoff on existing debt or purchase contract
✓Entity documents and insurance
✓Summary of capital improvements since acquisition

Send both together

A rent roll without a T-12 leaves expenses vague. A T-12 without a rent roll makes lease detail unclear. Send both when you have them.

Rent roll

The rent roll should give lenders a live picture of every unit in the building. Pair it with the T-12 when you review how apartment refinances are underwritten:

✓Every unit, current rent, lease dates, tenant name or unit status
✓Concessions and delinquency
✓Recent rent increases and whether they are reflected in collections
✓For vacant units: market rent support

On 5 to 10 Unit DSCR, loan sizes typically run $500,000 to $15,000,000 with up to 75% LTV. On 10+ Unit DSCR, loan sizes typically run $500,000 to $15,000,000 with up to 75% LTV.

Trailing twelve-month operating statement

The T-12 is the income and expense history for the last twelve months. Lenders use it to calculate NOI and compare expenses to similar buildings.

✓Management fees, repairs, utilities, insurance, and taxes as separate lines when possible
✓If you only have a partial year: send what exists plus a clear narrative on what changed
✓Value-add deals may still be in bridge territory if stabilized NOI is not yet visible

Borrower and entity documents

Borrower-side items are usually lighter than on full-documentation residential loans, but still required:

✓Entity formation documents for the closing LLC or other entity
✓Personal guarantor identification
✓Short experience summary
✓Liquidity snapshot when reserves are part of the structure

For cash out soon after purchase, add acquisition date, purchase price, rehab invoices or contractor summary, and before-and-after photos when available. That supports no-seasoning cash out on select 5+ unit deals.

Third-party items that follow

After initial review, expect third-party work through the lender's process once terms are agreed:

✓Appraisal
✓Title and insurance
✓Property condition or environmental work on larger deals
✓Insurance declaration page with replacement cost and liability limits appropriate to unit count

Common delay

An outdated insurance declaration page is a common early delay on multifamily refinances.

Common questions

What documents do I need for an apartment refinance?+

Start with address, legal unit count, current rent roll, trailing twelve-month operating statement, payoff or purchase contract, entity documents, insurance, and a summary of capital improvements since acquisition.

What changes the answer

·Scattered-site portfolios need rent rolls per property or a consolidated schedule with addresses.
·Affordable housing components need compliance documentation.
·Recent major capex may require invoices to support value in no-seasoning cash out.
·Commercial mixed-use buildings need commercial rent schedules separately from residential units.

Email rent roll and T-12 first. We will tell you what else the specific building needs before a full application.

What to send for an apartment refinance