CFA Acquisition & Development Loan Checklist

 

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Thank you for your interest in our business services.  In order to process your application for a Construction Loan please provide the following either by completing the online CFA Acquisition & Development Loan Application or by downloading the checklist located at the bottom of the page and emailing us the information.  

 

 

1) Product Description  

 

a.  Brief written history of property ownership including acquisition dates and purchase price, with emphasis on strong points of property or surrounding developments.  

b.  Color rendering of proposed development (if available).

c.  Lot breakdown: type, size, number, price, for entire development and per phase if phased development.

d.  Site utilization showing basic "foot print" of development.

e.  Area map showing location of property.

f.  Reduced architectural plans (11"x 17" or smaller) of representative site plan, elevation and floor plans.

 

2) Economics  

 

a.  Development budget itemized by major cost categories for entire development and by phase if phased project. 

b.  Copies of signed letters of intent to lease or copies of sined pre-sale deposits (if any).

c.  Itemized breakdown of cash equity invested in project to date and including those additional amounts of equity to be invested prior to or at loan funding.

d.  Projected proforma income and expense budget at stabilized occupany and cash flow (for rental properties only).

e.  Information on all existing indebtedness including any amounts to be subordinated and terms thereof.

 

3) Borrower

 

a.  Past three years and ytd financial statements of Borrower and Guarantor. 

b.  Past three years of tax returns for Borrower and Guarantor.

c.  Resume on principal officers of Borrower.

 

4) Architect

 

a.  Resumes and/or Brochure.

 

5) Marketing

 

a.  Outline of marketing program, with projected absorption and price schedule (for subdivisions, etc., not for income producing or rental properties).

 

6) Government Approvals

 

a.  Zoning requirements and evidence this project is conforming.

b.  Status and timing of state and local government approvals required for construction of the project.  

 

 

Hardcopy Checklist

 

• Acquisition & Development Loan Checklist