SPEC HOME BUILDERS CHECKLIST

These documents are required to underwrite residential construction loans for resale:

BORROWER(S):

Signed Fee Agreement
Administrative Check of $TBD per deal(case by case),
made payable to: Construction Lending Group
Loan Application on all Guarantor(s) provided by Construction Lending Group
Copy of Driver’s License & Social Security Card each Borrower
If substantial portion of the net worth of the borrower or Guarantor is made of stock in privately held corporations or partnerships, copies of financial statements (including current balance sheet as well as a profit and loss statement) and tax returns are to be provided.
Last Two years Personal & Business Tax returns for each Guarantor
Current Personal Financial Statements certified by borrower(s)
Bank References and verifications of deposits. Copies of most current two months statements on all deposit accounts, All pages
Verification of Employment (if NOT self-employed)
Copy of last 2 years W-2 & Last 30 days paycheck stub with YTD Earnings
Completed IRS 4506T Form
Signed Borrower Signature Authorization form for each Guarantor
Borrower’s Certification & Authorization
Articles of Incorporation and Partnership/Operating Agreement
Occupational license (if sole proprietorship)
Certificate of fictitious trade name (if sole proprietorship or d/b/a)

Two completed sets of plans and specifications
Detailed Cost breakdown
Copy of General Contractor’s current license and Business license
Provide a copy of Construction Agreement with borrower (if available)
GC Resume, if GC is other than the Borrower
Copy of Land Closing Statement HUD & Signed Warranty Deed
Contract on Land if not already owned
Copy of building permit (if available)
If property has been Pre-sold Provide copy of sales contract, purchaser's loan commitment from acceptable lender, and receipts for deposit from Escrow Agent
GC's Proof of blanket liability insurance policy showing general aggregate amount
GC's Proof of Workman's Compensation (certificate of exemption or Explanation letter why no Workmen’s Compensation)
GC's List of current inventory and work in progress