LIST OF ITEMS REQUIRED TO UNDERWRITE A
CONSTRUCTION & REHAB MORTGAGE LOAN
(Items 1-10 needed immediately. Items 11-18 needed as we proceed).
•1. EXECUTIVE SUMMARY OF THE DEVELOPMENT
•2. CONSTRUCTION BUDGET including hard and soft costs.
•3. BACKGROUND/BIO ON EACH PARTNER emphasizing development/construction/renovation/real estate experience and past projects successfully completed.
•4. BACKGROUND/BIO/RECENT SIMILAR PROJECTS COMPLETED for architect, contractor and construction manager (if applicable).
•5. A PERSONAL FINANCIAL STATEMENT FOR EACH PARTNER with an interest of 10% or more.
•6. LAST 3 YEARS' 1040 TAX RETURNS for each partner with an interest of 10% or more in the project.
•7. PROPOSED SALE PRICES AND MARKETING PLANS for completed units (if condominiums).
•8. COMPARABLE SALES INFORMATION for both the residential apartments, and any commercial space (if condominiums).
•9. RENTAL ANANLYSIS OF THE PROPERTY (based on the estimated rental value of the completed units, including any commercial space).
•10. PERMISSION TO RUN CREDIT REPORT(S): (FOR EACH PARTNER WITH AN INTEREST OF 10% OR MORE).
•11. COPY OF FULLY EXECUTED PUPRCHASE CONTRACT.
•12. COPY OF APPROVED BUILDING PLANS (if available).
•13. COPY OF ZONING ANALYSIS.
•14. COPY OF DEED.
•15. EVIDENCE THAT THE PARTNERS CONTROL ANY DEVELOPMENTAL RIGHTS NECESSARY TO EXECUTE THE PLANS.
•16. TIMELINE showing key points from beginning to completion of project.
•17. LLC AGREEMENT OR ATRICLES OF INCORPORATING OF ENTITY, IF ANY.
•18. COPY OF THE CONTRACT between the developer and the general contractor.
Our team is based in Minneapolis, Minnesota
Originating Commercial Mortgage loans in both Minnesota and Wisconsin
Learn more about commercial mortgage loan programs available in the Minneapolis & St Paul, MN Metro area that can help those looking to secure purchase rehab mortgage loans for properties that do not qualify for programs like private/hard money loans or the FHA 203K rehab mortgage loan.
Commercial Mortgage, Commercial Purchase Loan, Commercial Refinance Loan, Apartment Mortgage, Commercial Purchase Loan, Commercial Refinance Loan, Commercial Mortgage Lending, Commercial Purchase Lending, Commercial Refinance Lending, Commercial Mortgage Loan Lending, Commercial Purchase Lending, Hard Money Lending, Private Money Lending, Asset Based Lending, Equity Lending, Collateral Based Lending
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