DOCUMENT CHECKLIST

 

Construction Loan Checklist

  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 that have been completed successfully.

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

  5. A PERSONAL FINANCIAL STATEMENT FOR EACH PARTNER with an interest of 10% or more.

  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 (only if condominiums).

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

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

  10. COPY OF FULLY EXECUTED PURCHASE CONTRACT

  11. COPY OF APPROVED BUILDING PLANS

  12. COPY OF ZONING ANALYSIS

  13. COPY OF DEED

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

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

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

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

Multi-Family or Mixed-Use Property Checklist

  1. CURRENT RENT ROLL including:

    • Regulated units ( controlled, stabilized)

    • Apartment number

    • Room / Bathroom count

  2. COMPLETE INCOME / EXPENSE STATEMENT on the property including:

    • Annual property taxes

    • Insurance

    • Water / Sewer

    • Fuel, Electricity

    • Maintenance / Repairs & Management

  3. SUMMARY OF ALL COMMERCIAL LEASES (if any) that show expiration's and escalations

  4. COMPLETE, DETAILED PHYSICAL DESCRIPTION INCLUDING SQUARE FOOTAGE.

  5. IF ACQUISITION, PLEASE PROVIDE A COPY OF FULLY EXECUTED CONTRACT OF SALE.

  6. IF REFINANCE, PROVIDE THE ORIGINALLY PAID PRICE FOR PROPERTY, date of purchase and summary of current financing.

  7. PHOTOS (at least 5)

  8. SITE PLAN OR PROPERTY SURVEY, if available.

  9. SUMMARY OF CURRENT FINANCING (refinance only) including:

    • Current Lender

    • Current principal balance

    • Current interest rate

    • Current monthly payment

    • Maturity date

    • Prepayment penalty information

  10. CURRENT BUSINESS FINANCIAL STATEMENT

  11. CURRENT PERSONAL FINANCIAL STATEMENT

  12. LAST 2 YEAR PERSONAL AND BUSINESS TAX RETURNS

Owner-Occupied Business Checklist

  1. CURRENT BALANCE SHEET

  2. LAST 3 YEARS PROFIT AND LOSS (P&L) STATEMENT AND YEAR TO DATE P&L

  3. COMPLETE INCOME / EXPENSE STATEMENT on the property including:

    • Annual property taxes

    • Insurance

    • Water / Sewer

    • Fuel

    • Electricity

    • Maintenance / Repairs

    • Management

  4. SUMMARY OF ALL LEASES (if any) showing escalations and expirations

  5. COMPLETE, DETAILED PHYSICAL DESCRIPTION INCLUDING SQUARE FOOTAGE

  6. IF REFINANCE, ORIGINAL PRICE PAID FOR PROPERTY, date of purchase and summary or current financing.

  7. IF ACQUISITION, COPY OF FULLY EXECUTED CONTRACT OF SALE

  8. PHOTOS (at least 5)

  9. SITE PLAN or property survey.

  10. SUMMARY OF CURRENT FINANCING (refinance only) including:

    • Current Lender

    • Current principle balance

    • Current interest rate

    • Current monthly payment

    • Maturity date

    • Prepayment penalty information

  11. FULL DESCRIPTION AND/OR HISTORY OF BUSINESS

  12. RESUME OF PRINCIPAL / BIO

  13. LAST 2 YEARS OF PERSONAL AND BUSINESS TAX RETURNS

  14. COPY OF DEED

Shopping Center/Industrial or Office Building Checklist

  1. CURRENT RENT ROLL including:

    • SF of units

    • Lease abstract details such as

    • Escalations, commencement and expirations, add-ons, description of tenant, Description of any added rent that the tenant is responsible for (In addition three year historical data would be ideal)

  2. COMPLETE INCOME / EXPENSE STATEMENT on the property including:

    • Annual property taxes

    • Insurance

    • Water / Sewer

    • Fuel Electricity

    • Maintenance / Repairs

    • Management

    • Leasing commissions, tenant improvements

  3. COMPLETE DETAILED PHYSICAL DESCRIPTION along with the SITE PLAN or Property Survey.

  4. IF REFINANCE, PRICE THAT WAS ORIGINALLY PAID FOR THE PROPERTY, date of said purchase and summary of current financing.

  5. IF ACQUISITION, PROVIDE COPY OF FULLY EXECUTED CONTRACT OF SALE.

  6. PHOTOS (at least 5)

  7. SUMMARY OF CURRENT FINANCING (refinance only) including:

    • Current Lender

    • Current principle balance

    • Current interest rate

    • Current monthly payment

    • Maturity date

    • Prepayment penalty information

  8. INFORMATION ON MANAGEMENT COMPANY, if separate from ownership.

  9. CURRENT BUSINESS FINANCIAL STATEMENTS

  10. CURRENT PERSONAL FINANCIAL STATEMENTS

  11. LAST TWO YEARS PERSONAL TAX RETURNS

  12. LAST TWO YEARS BUSINESS TAX RETURNS

Shopping Center/Industrial or Office Building Checklist

  1. CURRENT RENT ROLL including:

    • SF of units

    • Lease abstract details such as

    • Escalations, commencement and expirations, add-ons, description of tenant, Description of any added rent that the tenant is responsible for (In addition three year historical data would be ideal)

  2. COMPLETE INCOME / EXPENSE STATEMENT on the property including:

    • Annual property taxes

    • Insurance

    • Water / Sewer

    • Fuel Electricity

    • Maintenance / Repairs

    • Management

    • Leasing commissions, tenant improvements

  3. COMPLETE DETAILED PHYSICAL DESCRIPTION along with the SITE PLAN or Property Survey.

  4. IF REFINANCE, PRICE THAT WAS ORIGINALLY PAID FOR THE PROPERTY, date of said purchase and summary of current financing.

  5. IF ACQUISITION, PROVIDE COPY OF FULLY EXECUTED CONTRACT OF SALE.

  6. PHOTOS (at least 5)

  7. SUMMARY OF CURRENT FINANCING (refinance only) including:

    • Current Lender

    • Current principle balance

    • Current interest rate

    • Current monthly payment

    • Maturity date

    • Prepayment penalty information

  8. INFORMATION ON MANAGEMENT COMPANY, if separate from ownership.

  9. CURRENT BUSINESS FINANCIAL STATEMENTS

  10. CURRENT PERSONAL FINANCIAL STATEMENTS

  11. LAST TWO YEARS PERSONAL TAX RETURNS

  12. LAST TWO YEARS BUSINESS TAX RETURNS

CONTACT US

Email:      info@commercialloanssolution.com
Address: 
 1755 N. Brown Rd. Suite 200
               Lawerenceville, GA 30043
Phone:     770-538-1409

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