Information on each Property
- Which properties do you own
- What is the current debt on each
- What is the equity on each property
- has the balance been figured into the loan/sell price
- What is the prepay on each if any
- When were they purchased
- You will need a P&L and rent roll for each including a YTD rent roll
- Do you have an environmental phase 1
- Have the recommendations been addressed
Buildings that you want
to buy
- What is the cost of each building
- You will need a P&L (06) and rent roll for each including a YTD rent
roll.
- Has due diligence been done
- Due the purchase and sale contracts have the price per building
What is the project plan
- What will the sell price be per unit
- What is the cost of conversion per building
- What is the cost of conversion per unit
- When do you need to close
Break down the plan per
building
- Number of units per building
- Size of each unit per building, bedrooms baths approx. sq.ft.
- How much time to complete each building
- How much time to complete each unit.
- will the project be converted in sections
IE: ( 6 units 3 floors convert top floor
1&2 still rented etc)
- How will you maintain the income or loss of income during the conversion
What is the exit plan
How long will it take to sell the units
What experience does the realtor have at
selling converted condos
What happens if they do not sell?
What is the marketing stragety for this
project.
What
is the competition
- What can they pay for a SFR
- What is the cost of a new condo
- What is the cost of a converted condo based on bed , bath & sq ft.
- What is on the market now and selling for
- What is already under construction
Local government approval.
- What is the local government’s approval process for APT/CONDO conversions?
- How far along are you in this process.
- Please provide documentation / guidelines For this process
Information on the borrower
- Resume
- Bio
- Do you have an attorney
- Credit history
Fax
to: 503-352-1169 or scan and email to: commercial@money-2loan.com
