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                                                                       LOAN APPLICATION INFORMATION, PRELIMINARY 

                                                                  EXECUTIVE SUMMARY – OUTLINE

                                                                           CONSTRUCTION PROJECT

BASICS
___ Details of the project

___ Original purchase price and current debt on L-I site

___ Current equity into project

___ Current market value of site as-is

___ Loan amount requested; Total construction cost

___ Preferred date of closing of loan.

       Preferred duration of loan.

       Preferred structure of loan (e.g. interest only with balloon, interest reserve, phasing)

___ Preferred all-in-one construction/permanent loan or exit strategy

___ Use of proceeds of loan (soft/hard costs, pay-off land debt, re-coup land costs, etc.) 

    PROPERTY SUMMARY

___ A complete, as-is description of the property: location, access to major arterials and transportation lines, nearby buildings, visibility, current use, acreage, zoning, environmental issues, utilities, management, current total assessed value, if no recent appraisal then estimated current market value, etc.

As a Construction  Project:
___ Number of units, rents, and number of parking spots
___ Type of construction; number of stories; phasing of buildings; site plan

___ Design/Permit status; projected dates for availability

___ Projected period of time for 90-95% lease up
___ Projected Income/Expense Summaries when stabilized with net operating income;

___ Est. completion date, itemized costs, and est. future value at stabilization, etc.
___ Marketing plans for tenants

___Pre-leasing status

___Portion which is owner occupied

___Typical vacancy rate for newer projects, overall vacancy rate for the area, and

typical cap rate for the area

___ Names and contact info of architect and G.C.

BORROWER INFORMATION

___ Borrower contact information (name, company name and mailing address, telephone, fax numbers, e-mail address).
___ Summary of Borrower’s real estate development and investment history.
___ Borrower’s Personal/Corporate Financial Statement
___ Estimated personal credit (A to E with A being excellent). Current FICO score, if known.

Not all items above may be relevant.

Please add any other facts which you feel we should be aware of.

When preparing your document, please use headings, bullet-point style for clarity.
                                                                                                                                                                                                                        

LIST OF SEPARATE DOCUMENTS

1.      Personal/corporate financial statements

2.      Three years personal/corporate tax returns

3.      Photos, on-site and aerial; building renderings/elevations

4.      Title report and Property Profile

5.      Itemized use of proceeds of loan

6.      Itemized costs for anticipated property improvements/redevelopment and source of funds

7.      Current (if any) and projected income/expense summaries on stabilization

8.      Recent appraisal, if any (do not order one); feasibility study, if any

9.      Environmental report, if any

10.  Purchase and Sale Agreement (if recent acquisition)


Please submit all documents/information in digital form to earosenberg1@yahoo.com

                                                                                                              

 

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