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Initially, we need three documents to get started:
- Project Summary (Click HERE for an example)
- Our Non-Cirumvent Agreement signed (Click HERE to download)
Please email the documents to:
Documents@ConstructionFunding.US
The Project Summary should dicsuss the following topics.
- What type of project
- Where located
- Any pictures if you have them.
- What type of funds needed
- How funding are you going to need
- Do you have approved plans / Shovel ready?
- Why is this a great project
- What is your timeline
- Background in development / projects you have done.
- Profile of the guarantor
- Name, Phone Number and Email for the contact person.
After you submit your summary, we will review it and discuss our thoughts with the Contact Person.
After we have reviewed your Project Summary, and if we still think your project is a good fit,
we will need the following:
- Borrower Name (LLC / Corporation / GP-LP)
- Description of Project (example: 50 lot horizontal development with 10 vertical homes to be built; 30 unit multifamily construction)
- Property Address
- Desired Loan Amount
- Desired Close Date
- Desired Loan Term
- Existing Loan on Property? Amount if yes?
- Current Property As/Is Value
- Costs Paid to Date
- Land Price and Date Purchased
- Soft and Hard Costs (provide list and amounts)
- Permits Issued or Ready to Pick Up?
- Construction Cost Budget (send itemized budget – hard and soft costs)
- Construction and Sales Schedule
- For Vertical Construction – months to build and months to sell out
- For Horizontal Development & Vertical Construction (All-in-One Loan) – months to build horizontal, months to build vertical, and months to sell out
- Property Value Upon Completion
- For Vertical Construction – value of completed homes or multifamily project
- For Horizontal Development & Vertical Construction – value of completed homes and value of improved & unimproved lots
- Have appraisal already (send copy if yes)?
- Guarantor Name (person)
- Guarantor Credit Score (approx or range is fine 0-680, 680-700, 700+)
- Guarantor Approx Net Worth (assets minus liabilities – if two guarantors, separate)
- Guarantor Approx Liquidity (cash and stocks/bonds – if two guarantors, separate)
- Borrower Experience
- Years in Industry
- Number of Homes/Units/Projects Built in Last 18 Months
- Number of Homes/Units/Projects Built During Career
- Self-performing construction work or third-party general contractor?
- General Contractor Name
- Exit strategy upon completion (sell, lease, refinance)?
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