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New Development / Construction / Renovation Loans


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LIST OF ITEMS REQUIRED TO UNDERWRITE

NEW DEVELOPMENT / CONSTRUCTION / RENOVATION LOANS

Checklist | New Development / Construction / Renovation Loans Download.pdf file

(Items 1-10 needed immediately. Items 11-18 needed as we proceed.)

1. EXECUTIVE SUMMARY OF THE DEVELOPMENT.

2. CONSTRUCTION BUDGET including hard and soft costs.

3. BACKGROUND/BIO ON EACH PARTNER emphasizing development/construction/ renovation/real estate experience and past projects successfully completed.

4. BACKGROUND/BIO/RECENT SIMILAR PROJECTS COMPLETED for architect, contractor and construction manager (if applicable).

5. A PERSONAL FINANCIAL STATEMENT FOR EACH PARTNER with an interest of 10% or more. (If you do not have a recent accountant prepared financial statement, please click here for a pdf form)

6. LAST TWO YEARS’ 1040 TAX RETURNS for each partner with an interest of 10% or more in the project.

7. PROPOSED SALE PRICES AND MARKETING PLANS for completed units (if condominiums).

8. COMPARABLE SALES INFORMATION for both the residential apartments, and any commercial space (if condominiums).

9. RENTAL ANALYSIS OF THE PROPERTY (based on the estimated rental value of the completed units, including any commercial space).

10. PERMISSION TO RUN CREDIT REPORT(S): Please print the CREDIT REPORT AUTHORIZATION pdf file. (Please make copies for each individual in the case of a corporation or partnership, complete and fax back to 212-532-1222).

11. COPY OF FULLY EXECUTED PURCHASE CONTRACT.

12. COPY OF APPROVED BUILDING PLANS (if available).

13. COPY OF ZONING ANALYSIS.

14. COPY OF DEED.

15. EVIDENCE THAT THE PARTNERS CONTROL ANY DEVELOPMENT RIGHTS NECESSARY TO EXECUTE THE PLANS.

16. TIMELINE showing key points from beginning to completion of project.

17. LLC AGREEMENT OR ARTICLES OF INCORPORATION OF ENTITY, IF ANY.

18. COPY OF THE CONTRACT between the developer and the general contractor.

 
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