Loan Checklists

Simplifying Commercial & Investment Property Financing

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

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