The documentation required for development financing varies from project to project.  However, providing The Erskine Group with as much of the following documentation as possible, the process of securing the financing you need can begin. 

Borrower/Principal Information

• Background on each partner emphasizing development/construction/ renovation/real estate experience and past projects successfully completed.
• A personal financial statement for each partner with an interest of 10% or more.
• Last two years 1040 tax returns for each partner with an interest of 10% or more in the project.

• An executive summary of the development.
• A construction budget including hard and soft costs.
• Background/Bio/Recent similar projects completed for architect, contractor and construction manager (if applicable).
• Proposed sale prices and marketing plans for completed units (if condominiums).
• Comparable sales information for both the residential apartments, and any commercial space (if condominiums).
• Rental analysis of the property based on the estimated rental value of the completed units, including any commercial space.
• A copy of the fully executed purchase contract.
• Copies of the approved building plans (if available).
• A copy of the zoning analysis.
• A copy of the deed.
• Evidence that the partners control any development rights necessary to execute the plans.
• Timeline showing key points from beginning to completion of project.
• A copy of the LLC Agreement or a copy of the Articles of Incorporation of the entity, if any.
• A copy of the contract between the developer and the general contractor.

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Mtg. Lending Act. This is not a commitment to lend. Copyright © 2008 Professional Mortgage Partners, Inc.
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