 | Site
Control. You MUST have an executed purchase agreement, option
agreement, letter of intent or already have fee-simple ownership of the
project site to qualify for underwriting consideration.
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Environmental
Phase I. Dated within the last six months, please.
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|
Market
Feasibility Study. Also dated within the last six months.
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Pro Forma
Financial Presentation. Created based upon the findings of the market
feasibility study.
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Capital
Funding Plan Proposal. This is your "executive summary" of
the transaction. No more than 30 pages, but incorporates all the key
items.
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Site
Plan. You need the approved development plat. Lenders will not
lend money for zoning battles.
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Business
Plan of Department Operations.
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Executed
Property Management Contract.
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Executed
Construction Contract.
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Executed
Development Management Agreement.
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Schematic
Phase Outline Construction Specifications.
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Specimen
Title Insurance Report.
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Evidence of
Zoning & Construction Permits.
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Borrower
Financial Statements (last three (3) years is the standard).
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Borrower
Tax Returns (last three (3) years).
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Utility
Capacity/Will-Serve Letters - from each utility provider.
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All of these
exhibits need to be in electronic format for ease of access and
transmission. The most common way these documents are warehoused is to
place them in a secure directory on your corporate web server. If you have
questions regarding your application then it is time to call Rainmaker Marketing
Corporation.
Finally, have
you considered the syndication alternative? The sale of fractional
real estate ownership interests in an income-producing property (or property
development program) may provide you with the gap financing necessary to allow
your project to close on its construction financing. Syndications may
start as early as the pre-construction phase and are for all projects having
development budgets (or acquisition costs) of at least $2.5 million. The
realestateplays.com syndication platform also offers a level of secondary market
liquidity that approaches parity with the public stock exchanges. Now
investors have the opportunity to own the same quality assets as were reserved
for the lords of Wall Street. Make your play.
