Construction Checklist
Hotel Construction Loan Checklist
Part 1: Guarantors’ Financials
- Download the following zip file. It is an excel form with two tabs, one for your real estate under personal ownership, the other all your business partnerships (affiliates)
- Last statements for checking and saving account, stock and IRA/401K account, and the life insurance if there is a cash surrender value
- Last mortgage statement for all real estate owned
- Consumer Experian and Equifax credit reports from www.annualcreditreport.com or Credit Karma
- Three years of personal electronic FULL COPY of federal 1040 returns
- A copy of drives license
- Guarantor’s financial of the other affiliates owned at 20% or more:
- Three years of federal tax return of the affiliates
- Affiliate’s interim financial statement (profit and loss and balance sheet)
- Affiliate’s Last mortgage statement
Part 2: Project Documents
- Feasibility Study
- Market blue STAR report
- Projections for 12 months (monthly) and 2 additional years
- Closing statement of the land
- Approved franchise agreement
- Full cost breakdown of the hard and the soft cost
- A copy of the land survey if available
- Architectural and MEP (Mechanical, Electrical, and Plumbing) plans if available
