Construction Loan Checklist
- EXECUTIVE SUMMARY OF THE DEVELOPMENT
- CONSTRUCTION BUDGET including hard and soft costs.
- BACKGROUND / BIO ON EACH PARTNER emphasizing development / construction / renovation / real estate experience and past projects that have been completed successfully.
- BACKGROUND / BIO / RECENT SIMILAR PROJECTS COMPLETED for each architect, contractor and construction manager (if applicable).
- A PERSONAL FINANCIAL STATEMENT FOR EACH PARTNER with an interest of 10% or more.
- LAST TWO YEARS’ 1040 TAX RETURNS for each partner with an interest of 10% or more in the project.
- PROPOSED SALE PRICES AND MARKETING PLANS for completed units (only if condominiums).
- COMPARABLE SALES INFORMATION for both the residential apartments, and any commercial space (only if condominiums).
- RENTAL ANALYSIS OF THE PROPERTY (based on the estimated rental value of the completed units, including any commercial space).
- COPY OF FULLY EXECUTED PURCHASE CONTRACT
- COPY OF APPROVED BUILDING PLANS
- COPY OF ZONING ANALYSIS
- COPY OF DEED
- EVIDENCE THAT THE PARTNERS CONTROL ANY DEVELOPMENT RIGHTS NECESSARY TO EXECUTE THE PLANS
- TIMELINE showing key points from beginning to completion of project.
- COPY OF THE CONTRACT between the developer and the general contractor.
- LLC AGREEMENT OR ARTICLES OF INCORPORATING OF ENTITY, IF ANY
Contact our Loan Specialist for assistance with this Construction Loan Checklist