LET’S GET THE JOB DONE!
In order for us to do a complete review of your project we will need the items listed below. Upon getting your complete package, we will get back to you promptly. If you have any questions, please feel free to call us. We look forward to exceeding your expectations while our staff gives your project top priority!
Complete Project Package
Complete Project Package
- Preliminary Loan Information
- Contractor Info (resume, financial stmts, project listing)
- Developer Info (see checklist under Perm financing)
- Borrowing Entity Information including preliminary documentation (i.e. Partnership Agreement, Certificate of Doing Business, Articles of Incorporation, By-Laws, Tax ID#)
- Plans and specs - on a disk if possible
- Development & Management Agreements
- ALTA Survey
- Lender’s Title Policy (including survey coverage & mechanic lien coverage)
- Appraisal
- Environmental Study
- Construction Contractors Agreement, including construction schedule
- Architect Agreement
- Architect Errors & Omissions Insurance showing Stearns Bank as additional insured
- Zoning letter
- Utilities letter
- Building Permit
- Notice to Proceed
- Draft copy of Amended & restated partnership operating agreement
- Builders Risk Insurance showing Stearns Bank as loss payee & mortgagee. Insurance must also cover business personal property and loose material
- Perm lender commitment, if applicable
- Purchase agreement and settlement statement for land purchase
- Any back-up letter supporting funds aside of the Tax Credit Equity
Permanent Financing Information
- Requested loan amount & forward lock period
- Borrowing Entity Preliminary Structure
- Letter of Intent from Syndicator with Pay-In Schedule
- Sources & Uses (showing equity and financing need)
- Market Study
- 15 Year Pro-Forma & detailed 1 year Pro-Forma (revenues & expense breakout)
- Appraisal
- Phase I Environmental Reports
- Tax Credit Application & Allocation Letter
- Property Management Information & History (resume/background, contact info & project list)
- Monthly Financial Statements (existing projects)
Developer Information
- Two years financial statements of all related entities
- Two years of Tax returns
- Personal financial statements of owners, signed and dated
- Two years of personal tax returns of Principals
- Bank and/or project references of developer
- Developer Resume including projects completed & SS#
Information for Completed Projects
- Monthly financial statements & rent rolls (12 months)
- Monthly utility allowances for all units
- Annual audited financial statements
- Project rent structure (net rents, utility allowance, other rental assistance)
- Amended & restated Partnership Agreement
- Property Management History
- Tax abatement documentation, if applicable
- Ground lease, if applicable
- Subordinate debt documentation & terms, if applicable
Please call us or contact us with any questions.
Send the above information Attention: Holly King
4140 Thielman Lane, St. Cloud, MN 56301
Call with questions: 1-800-320-7262 Fax: 320-258-4845
Hours: Weekdays 8 am to 5 pm CST
