Commercial Construction Financing

Here are some things you will need to speed the process:

Project Business Plan – The plan should address the financial feasibility and marketability of the project, including sources and uses of funds schedule, current/projected rent roll, and copies of executed leases and/or pre-leasing agreements, historical financial results, projected operating statement, evidence of a plan and source for loan repayment, and resumes of your development team.

Financial Data – You will need to provide all standard financial data including three years’ financial statements and tax returns of the borrower and the opening balance sheet for newly formed entities. You may also need a personal financial statement and three years of personal tax returns.

Project Data – Key project details must be provided including the site plan, the project cost detail, construction and architect contracts, municipal works agreement, Federal/State/municipal approvals, contract for the sale of land and a copy of the deed. Environmental Documentation – The Borrower’s Questionnaire is required with the application and the Satisfactory Phase I Environmental Report is required prior to closing.

Contractor Data – contractor references with locations of prior projects, as well as a bonding reference will be needed.

Organization Documentation – Be prepared to have documentation for the organization seeking the loan, including the partnership agreement, joint venture agreement, corporate bylaws, corporate resolution, and LLC agreement, as applicable.

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