9/8/2010
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Broker Affiliates Needed Documents Mortgage Application Joint Venture Mortgage Forms Credit Report Mortgage Glossary
Construction Loans
Documents needed from borrower for construction loans:

If Individual:
  1. Year To Date Profit & Loss statement
  2. Balance Sheet
  3. Federal tax returns for the last 3 years
  4. Last 12 months of bank statements of all accounts (personal & corporate)
  5. Loan application filled out completely
  6. Resume’ for past 5 years activity including names, addresses, telephone numbers, with explanation of each project/business and their status today
If Corporation:
  1. All bank statements for the last 3 years
  2. Year to-date Profit & Loss statement
  3. Balance sheet
  4. Federal tax returns for the last 3 years
  5. Corporate Resolution to borrow
Documents needed regarding property for construction loans:
  1. Copy of original Grant Deed at time of land purchase
  2. Settlement statement, or escrow closing statement for land purchase
  3. Original land appraisal at the time of purchase
  4. Original appraisal as to completed project showing future value referenced by cost breakdown, material list, and approved plans
  5. Plans approved by the subject city or county where construction will take place
  6. Plot map of land provided by a title company, or surveyor
  7. Copies of all permits: Building, Fire, mechanical, grading etc
  8. Cost breakdown on entire project in detail, written legible, and showing necessary units and price per unit of materials
  9. Materials list showing make and model


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