Loan Checklists

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

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 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

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

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

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