Construction Loan Checklist

Checklist

1. Executive summary of the development
2. Construction budget including hard and soft costs.
3. Background / bio on each partner emphasizing development / construction / renovation / real estate experience and past projects that have been completed successfully.
4. Background / bio / recent similar projects completed for each architect, contractor and construction manager (if applicable).
5. A personal financial statement for each partner with an interest of 10% or more.
6. Last two years’ 1040 tax returns for each partner with an interest of 10% or more in the project.
7. Proposed sale prices and marketing plans for completed units (only if condominiums).
8. Comparable sales information for both the residential apartments, and any commercial space (only if condominiums).
9. Rental analysis of the property (based on the estimated rental value of the completed units, including any commercial space).
10. Copy of fully executed purchase contract
11. Copy of approved building plans
12. Copy of zoning analysis
13. Copy of deed
14. Evidence that the partners control any development rights necessary to execute the plans
15. Timeline showing key points from beginning to completion of project.
16. Copy of the contract between the developer and the general contractor.
17. LLC agreement or articles of incorporating of entity, if any

Contact our Loan Specialist for assistance with this Construction Loan Checklist.