In order to give the lender as complete an understanding of your project as possible, you need a detailed executive summary which would explain;
1. The project itself.
2. The amount of cash the borrowers have already invested in purchase, improvements, construction, infrastructure (if any) etc. It is of great importance that the borrowers have equity committed to the project.
3. Explanation of the loan amount required and its distribution.
4. Information about the principals, as to their experience in general and in this type of project in particular
5. Demographic and other pertinent information regarding the market aimed at, as well as current market conditions and anticipated volume of sales
6. Exit strategy plans, such as when, how and based on what circumstances.
7. Information on any pending, reserved or actual sales, especially with regard to the method of financing such sales.
8. Any other information you believe would assist the lender in making an initial positive assessment of the project, such as aerial photos, recent appraisal of value and general photos of the project.
The best way to submit the above is in a PDF format, in one or more emails.
Many of you already know this but it never hurts to go over it again. In this market you need to be ready.
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unusualcommercial@mac.com
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