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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
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
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