NEW DEVELOPMENT / CONSTRUCTION / RENOVATION LOANS

   LIST OF ITEMS REQUIRED TO UNDERWRITE 
(Items 1-10 needed immediately. Items 11-18 needed as we proceed.)

1. EXECUTIVE SUMMARY OF THE DEVELOPMENT.

2. CONSTRUCTION BUDGET including hard and soft costs. ( Line item breakdown)

3. BACKGROUND/BIO ON EACH PARTNER emphasizing development/construction/ renovation/real estate experience and past projects successfully completed.

4. BACKGROUND/BIO/RECENT SIMILAR PROJECTS COMPLETED for architect, contractor and construction manager (if applicable).

5. A PERSONAL FINANCIAL STATEMENT FOR EACH PARTNER with an interest of 10% or more. (If you do not have a recent accountant prepared financial statement,

6. LAST TWO YEARS’ 1040 TAX RETURNS for each partner with an interest of 10% or more in the project.

7. PROPOSED SALE PRICES AND MARKETING PLANS for completed units (if condominiums).

8. COMPARABLE SALES INFORMATION for both the residential apartments, and any commercial space (if condominiums).

9. RENTAL ANALYSIS OF THE PROPERTY (based on the estimated rental value of the completed units, including any commercial space).

10. PERMISSION TO RUN CREDIT REPORT(S): Please print the CREDIT REPORT AUTHORIZATION . (Please make copies for each individual in the case of a corporation or partnership, complete and fax back to 866-460-2265

11. COPY OF FULLY EXECUTED PURCHASE CONTRACT.

12. COPY OF APPROVED BUILDING PLANS (if available).

13. COPY OF ZONING ANALYSIS.

14. COPY OF DEED.

15. EVIDENCE THAT THE PARTNERS CONTROL ANY DEVELOPMENT RIGHTS NECESSARY TO EXECUTE THE PLANS.

16. TIMELINE showing key points from beginning to completion of project.

17. LLC AGREEMENT OR ARTICLES OF INCORPORATION OF ENTITY, IF ANY.

18. COPY OF THE CONTRACT between the developer and the general contractor.

 Most of our loan requests are for long-term, fixed-rate financing. Right now, with long-term interest rates still near their historic lows, for many Borrowers it makes good sense to lock in a fixed rate rather than to float. We regularly arrange loans ranging from 5 to 30 years, with interest rates from the low 4% range to the upper 5% range, depending on the loan term, amortization schedule and other details. Sunset Mortgage Br 32-036 has been able to lock in extremely low rates for a variety of commercial transactions (click here for recent transactions) Many of our clients are going beyond 10-year fixed-rate mortgages and are seeking self-liquidating loans up to 30 years in length.