[Olderguy]

It's a development deal. You aren't going to get rates and terms for land typically unless you have a plan for it. Do you have funding for the vertical? Lenders would normally want to see the fuill file with development documents to refinance land.

Complete the information below and send it to me with appropriate attachments:

Real Estate Development Funding Request Outline

We understand that there are likely several documents prepared in association with this funding request. The object of this exercise is to get a clear “snapshot” of the project without having to sift through pages and pages of documents to get some basic facts in one place so we can expeditiously put this in front of potential funders. This form is in Word allowing for extra space as necessary. Thank you!

Name of Project:

Project Type (multi-family, MPC, commercial, etc.):

Location:

Funding Type: (equity, debt, bridge loan, etc.)

Please respond to the following questions as completely as possible and provide the requested backup documentation. Thank you!


1. Provide a short narrative/description of the project.

2. What is total project cost, capital stack? Please provide a complete proforma.

3. What is the total equity input (cash, land, entitlement costs, etc.) from the sponsor? (Please note that lenders will not accept developer fees left in project as equity)

4. Are there any other funding sources (PACE, TIF, tax credits, etc.)? Are they approved/secured? Please provide documents/evidence.

5. If prepaid interest is factored, for how long? (Note: Some lenders will not use prepaid interest in the total construction costs for loan to value or loan to cost purposes.)

6. Will the construction be phased/staged? If so, how many segments?

7. Is the project entitled, site shovel ready? If not, what is the time frame for entitlements, permits, etc.?

8. Is there a current appraisal for the project? What is the appraisal amount and the estimated equity? Please provide the appraisal.

9. What will be the finished or completed value of the project?

10. What is the sponsor’s experience? Please provide sponsor’s resume and list of developed projects.

11. What is sponsor net worth/income, etc? Please provide sponsor’s financials, REOs and credit score.

12. Any additional notes for clarification?

List of required preliminary documents:

1. Project proforma;
2. Offering Memorandum;
3. Documents re additional approved funding sources (PACE, TIF, tax credits, etc.);
4. Property appraisal;
5. Sponsor’s resume;
6. Sponsor’s List of developed projects; and
7. Sponsor’s financials, REOs and credit score.

[bmckenzie67]

Vertical funding will be secured in the future. They are only interested in refinancing the land at this time.

[Olderguy]

Where is the land, how it is zoned, what's the intended use and what is the population where's it's located?

Hard money will want to know that...

What happened to the lender who got the appraisal in December?

12 month bridge...12% - 15%

[idcapfront]

Vertical funding will be secured in the future. They are only interested in refinancing the land at this time.

We should be able to help out with this. Shoot me an email at i.wells@capfrontfunding.com

Ian Wells
Director of Specialty Finance
i.wells@capfrontfunding.com
(929) 220-0394