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CONSTRUCTION CHECKLIST |
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The items below represent a full package for underwriting preapproval.
- Plans and specifications. The borrower must submit copies of the complete plans and specifications for the construction project. These plans and specifications must be approved by the local zoning authority.
- General contractor / builder. The name, address and telephone number of the general contractor, who will be administering the construction.A copy of the contractor's license and/or certification. Our lender will issue approval of the contractor
- Contract. A copy of the contract between the borrower and the general contractor must be submitted with the application file.
- Estimate. The loan request should contain a detailed estimate of the construction costs and requirements. (should be provided by builder or contractor.
- Plat of survey. A current survey must be provided. If the investor purchased the land separately, the prior land owner should have an acceptable plat of survey. If the land was financed there will be a current survey
- Title policy. A current title policy must be provided. Any unacceptable liens or adverse encumbrances on the property must be handled prior to any funding of the construction loan.
- Copy of closing statement from land purchase. If the land was purchased separately there will be a closing settlement statement on that transaction. Please provide in order to confirm purchase price, equity in the project and timeframes of ownership.
- Copy of resume of principals /investors: Investors should provide a resume of prior projects and experience in handling any type of construction and development.
- Complete financial package on principals involved. (see mortgage checklist)
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