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Construction Loan

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Construction Loan

Essencap offers construction loans for owner business occupant, apartment and condo construction projects. Please find our checklist requirement below.

1) For investor greater than 20% ownership,

  • Please fill out the attached 1003 application.

  • 3 years of tax return (both personal and business (if the borrower own any other business)

 

2) Debt schedule per attached

 

3) Please provide a project summary

  • Budget

  • Land acquisition cost

  • The hard cost of material

  • All legal, architecture, and labor cost.

  • Down Payment Amount

  • A brief explanation of the timeline 

 

4) Description of the project,

  • # of the unit, price point, permit status…etc.

 

5) Exit Strategy

  • Rental rate – need projected rental roll

  • Sale Price – need projected sale price

  • Need comps 

 

6) Builder / Investor resume

 

7) An estimate of the borrower's credit score. Any credit condition that we need to aware of.

 

8) Any recent appraisal /environment report

 

Tele/Fax: 888-269-1033                  wecare@essencap.com