Preliminary Loan Application Information
EXECUTIVE SUMMARY - TYPICAL OUTLINE FOR A CONSTRUCTION LOAN
Multi-Family Construction Project
LOAN REQUEST
___ Details of the project
___ Original purchase price and current debt on M-F site
___ Current equity into project
___ Current market value of site as-is
___ 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
___ Use of proceeds of loan (soft and 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 M-F buildings and retail, visibility, current use, acreage, zoning, environmental issues, utilities, management, current total assessed value, if no recent appraisal then estimated current market value, etc.
M-F Construction Project:
___ Number of units, unit mix, 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
___ Typical vacancy rate for newer projects, overall vacancy rate for the area, and typical cap rate for the area
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.
Please add any other facts which you feel we should be aware of.
When preparing your document, please use headings, bullet-point style and charts for clarity.
Please transmit in digital form to earosenberg1@yahoo.com.
LIST OF SEPARATE DOCUMENTS
12. Management/operator resume of experience
Please submit all documents/information in digital form to earosenberg1@yahoo.com
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EXECUTIVE SUMMARY - TYPICAL OUTLINE FOR A CONSTRUCTION LOAN
Multi-Family Construction Project
LOAN REQUEST
___ Details of the project
___ Original purchase price and current debt on M-F site
___ Current equity into project
___ Current market value of site as-is
___ 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
___ Use of proceeds of loan (soft and 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 M-F buildings and retail, visibility, current use, acreage, zoning, environmental issues, utilities, management, current total assessed value, if no recent appraisal then estimated current market value, etc.
M-F Construction Project:
___ Number of units, unit mix, 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
___ Typical vacancy rate for newer projects, overall vacancy rate for the area, and typical cap rate for the area
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.
Please add any other facts which you feel we should be aware of.
When preparing your document, please use headings, bullet-point style and charts for clarity.
Please transmit in digital form to earosenberg1@yahoo.com.
LIST OF SEPARATE DOCUMENTS
- Personal/corporate financial statements
- Three years personal/corporate tax returns
- Photos, on-site and aerial; building renderings/elevations
- Title report and Property Profile
- Itemized use of proceeds of loan
- Itemized costs for anticipated or completed property improvements/redevelopment and amount/source of funds
- Pro forma projected income/expense summaries, 5 years
- Recent appraisal, if any (do not order one); feasibility study, if any
- Environmental report, if any
- Purchase and Sale Agreement (if recent acquisition)
12. Management/operator resume of experience
Please submit all documents/information in digital form to earosenberg1@yahoo.com
Page 2 of 2