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Follow on Google News | How to Prepare a Financial Package for a Commercial Construction Loan, Winston Rowe and AssociatesWinston Rowe and Associates is an expert in assisting commercial real estate developer with construction financing nationwide.
By: Winston Rowe and Associates This is only meant to be a general list of the items you should consider preparing in advance of contacting Lenders for an investment construction loan. General Project Documents Project Executive Summary, including schedule of Sources & Uses Status of entitlements and permits (regulatory letters, if available) Resumes for Architect, General Contractor AIA bid submission, if available Feasibility/ Marketing plan Borrower/Sponsor- List of all Sponsors (including spouses) with at least 10% ownership in the property Personal financial statement (PFS), including a schedule of real estate owned, prepared for each of the above Sponsors 3 years personal and corporate tax returns on each sponsor Real estate resume for each sponsor Property-Related Documents Any available third-party reports (appraisal, environmental, engineering, zoning, survey, etc.) Proforma (including construction, lease-up, and at least 3 years of stabilization) Project budget (including hard and soft cost items); detailed list of any current debt/equity into project Site/construction plans Any executed pre-leases Borrower organizational documents Any JV or equity agreements Franchise agreement (for flagged hotel) Winston Rowe and Associates prepared this article, they are a nationwide consulting firm that specializes in due diligence for commercial construction project financing. You can contact them at 248-246-2243 or visit them online at https://www.winstonrowe.com End
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