Construction Loan Checklist

LIST OF ITEMS REQUIRED TO UNDERWRITE A

                  CONSTRUCTION LOAN

  1. A PERSONAL FINANCIAL STATEMENT FOR EACH PARTNER with an interest of 10% or more.
  2. SCHEDULE OF REAL ESTATE
  3. EXECUTIVE SUMMARY OF THE DEVELOPMENT
  4. CONSTRUCTION BUDGET including hard and soft costs.
  5. Pro Forma
  6. LAST THREE YEARS’ 1040 TAX RETURNS for each partner with an interest of 10% or more in the project.
  7. LAST THREE YEARS’ BUSINESS TAX RETURNS for each partner with an interest of 10% or more in the project.
  8. COPY OF FULLY EXECUTED PURCHASE CONTRACT
  9. COPY OF APPROVED BUILDING PLANS
  10. COPY OF ZONING ANALYSIS
  11. COPY OF DEED
  12. TIMELINE showing key points from beginning to completion of project.
  13. COPY OF THE CONTRACT between the developer and the general contractor.
  14. LLC AGREEMENT OR ARTICLES OF INCORPORATING OF ENTITY, IF ANY