Loan Checklists
Your Commercial Funding Advisors
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
Hotel/ Hospitality Financing Checklist
- INCOME/EXPENSE STATEMENT for the last 3 years with monthly and annual figures.
- SUMMARY OF ALL COMMERCIAL OR DEPARTMENTAL LEASES (if any) showing escalations and expirations, and the summary of the terms of any franchise agreements.
- COMPLETE, DETAILED PHYSICAL DESCRIPTION INCLUDING SQUARE FOOTAGE.
- IF ACQUISITION, PROVIDE COPY OF FULL EXECUTED CONTRACT OF SALE.
- IF REFINANCE, PROVIDE THE ORIGINALLY PAID PRICE FOR THE PROPERTY, date originally purchased and summary of current financing.
- PHOTOS (at least 5)
- PROPERTY SURVEY OR SITE PLAN
- SUMMARY OF CURRENT FINANCING (for refinance only) including:
- Current Lender
- Current principal balance
- Current interest rate
- Current monthly payment
- Maturity date
- Prepayment penalty information
- CURRENT PERSONAL FINANCIAL STATEMENT
- LAST THREE YEARS’ BUSINESS TAX RETURNS
- BACKGROUND / BIO FOR EACH PARTNER AND FOR THE OWNERSHIP ENTITY EMPHASIZING HOTEL / HOSPITALITY INDUSTRY / REAL ESTATE EXPERIENCE
- BACKGROUND INFO ON MANAGEMENT COMPANY, only if separate from ownership.
- RENOVATION HISTORY FOR ATLEAST 3 YEARS with project descriptions and the approximate amount paid for each.
- CURRENT BUSINESS FINANCIAL STATEMENT
- LAST TWO YEARS PERSONAL TAX RETURNS
Multifamily or Mixed-Use Property Checklist
- CURRENT RENT ROLL including:
- Regulated units ( controlled, stabilized)
- Apartment number
- Room / Bathroom count
- COMPLETE INCOME / EXPENSE STATEMENT on the property including:
- Annual property taxes
- Insurance
- Water / Sewer
- Fuel, Electricity
- Maintenance / Repairs & Management
- SUMMARY OF ALL COMMERCIAL LEASES (if any) that show expirations and escalations
- COMPLETE, DETAILED PHYSICAL DESCRIPTION INCLUDING SQUARE FOOTAGE. IF ACQUISITION, PLEASE PROVIDE A COPY OF FULLY EXECUTED CONTRACT OF SALE.
- IF REFINANCE, PROVIDE THE ORIGINALLY PAID PRICE FOR PROPERTY, date of purchase and summary of current financing.
- PHOTOS (at least 5)
- SITE PLAN OR PROPERTY SURVEY, if available.
- SUMMARY OF CURRENT FINANCING (refinance only) including:
- Current Lender
- Current principal balance
- Current interest rate
- Current monthly payment
- Maturity date
- Prepayment penalty information
- CURRENT BUSINESS FINANCIAL STATEMENT
- CURRENT PERSONAL FINANCIAL STATEMENT
- LAST 2 YEAR PERSONAL AND BUSINESS TAX RETURNS
Owner Occupied Business Checklist
- CURRENT BALANCE SHEET
- LAST 3 YEARS PROFIT AND LOSS (P&L) STATEMENT AND YEAR TO DATE P&L
- COMPLETE INCOME / EXPENSE STATEMENT on the property including:
- Annual property taxes
- Insurance
- Water / Sewer
- Fuel
- Electricity
- Maintenance / Repairs
- Management
- SUMMARY OF ALL LEASES (if any) showing escalations and expirations
- COMPLETE, DETAILED PHYSICAL DESCRIPTION INCLUDING SQUARE FOOTAGE
- IF REFINANCE, ORIGINAL PRICE PAID FOR PROPERTY, date of purchase and summary or current financing.
- IF ACQUISITION, COPY OF FULLY EXECUTED CONTRACT OF SALE
- PHOTOS (at least 5)
- SITE PLAN or property survey.
- SUMMARY OF CURRENT FINANCING (refinance only) including:
- Current Lender
- Current principle balance
- Current interest rate
- Current monthly payment
- Maturity date
- Prepayment penalty information
- FULL DESCRIPTION AND/OR HISTORY OF BUSINESS
- RESUME OF PRINCIPAL / BIO
- LAST 2 YEARS OF PERSONAL AND BUSINESS TAX RETURNS
- COPY OF DEED