The name of the game is "full file".  Incomplete packages will be queued up with hit lists and held for submission to FInal Underwriting until all documentation is in hand.

Required Elements:

1. Executive Summary / Loan Request.  This should summarize the who, what, when, where, how, and why issues of the deal, the exit strategy, and who will handle the sale and marketing.
2. Third Party MAI Appraisal.  On construction development projects, an "as-completed" MAI appraisal will be needed prior to Final Underwriting showing the value of the completed project.
3. Project Proformas.  Statements needed include total project summary (hard costs, soft costs, contingency, income, projected net profit), monthly cash flow (showing debt balance), and initial draw breakdown.
4. Architecturals.  At the very minimum we require color renderings, site plan, and elevations.  Better:  full construction package (detailed cost breakdown, contract, Web address or architect's resume including projects completed.)
5. Phase 1 Enviornmental.  Other studies may be required:  traffic impact analysis, feasibility study, geotechnical report, etc.
6. Borrower (Guarantor) File.  For each signing guarantor we must have:  personal financial statement, real estate owned schedule, recent credit report (or borrower signature authorization including SSN and birthday), tax returns, and resume.  If there are non-signing members of note we should get their resumes.
7. Entity File.  Articles of incorporation and certificate of good standing at a minimum.  Resolution to borrow, financials, tax returns, bank statements are good if available.
8. Color Digital Photos.  It doesn't matter if it's raw land, we need a way to visually situate the property in its immediate enviorns.
9. Purchase Contract and Addendums.
10. Invested Funds Statement.  Broken down.
11. Sources and Uses Statement.  If not in the Executive Summary / Loan Request document.
12. Sales and Marketing Plan.  If not contained in the Executive Summary / Loan Request, we need to know exactly how the property is going to be moved.  This could include contracts with real companies, LOIs from prospective tenants or land tract buyers, LOIs from prospective property operators (marina, golf course, hotel,  conference center, retail / commercial property managers, etc.) etc.  This needs to be detailed and it definitely needs to be consistent with area sales standards (absorption rates, $/sq ft, etc.).

With these elements in place we can provide very good rates for a development project.  The process can take up to 3-4 months, so the client needs to be ready to stay the course until funding.