Keep in mind that each Lender has it’s own specific guidelines and that commercial construction loans take quite a bit of diligence before they are approved. This is only meant to be a general list of the items you should consider preparing in advance of contacting Lenders for an investment construction loan.
General Project Documents
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Project Executive Summary, including schedule of Sources & Uses
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Status of entitlements and permits (regulatory letters, if available)
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Resumes for Architect, General Contractor
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AIA bid submission, if available
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Feasibility/market study
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Marketing plan
Borrower/Sponsor-Related Documents
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List of all Sponsors (including spouses) with at least 10% ownership in the property
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Personal financial statement (PFS), including a schedule of real estate owned, prepared for each of the above Sponsors
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3 years personal and corporate tax returns on each sponsor
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Real estate resume for each sponsor
Property-Related Documents
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Any available third party reports (appraisal, environmental, engineering, zoning, survey, etc.)
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Proforma (including construction, lease-up, and at least 3 years of stabilization)
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Project budget (including hard and soft cost items); detailed list of any current debt/equity into project
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Site/construction plans
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Any executed pre-leases
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Borrower organizational documents
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Any JV or equity agreements
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Franchise agreement (for flagged hotel)
*Please note that this list is for investment construction loans only.