Construction Loan Checklist
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.