The following needs to be submitted by the borrower:

  1. Application (document below) this includes a project sources and uses estimate with contingency
  2. Balance Sheet - current period and prior fiscal year
  3. Income Statement - current YTD and prior fiscal year
  4. a) Purchase agreement;  or b) Contractor or architect's scoping letter and project estimate  
  5. Property Valuation, either:  a) an appraisal from an MAI designated appraiser with a letter of reliance (document below) allowing the loan program to rely on the appraisal (this appraisal will need to be dated within 6 months of closing); or b)  the assessed market value - you can use a copy of your property tax statement, or get the information online for properties in Minneapolis or St. Paul  
  6. Property lease (if the chapter corporation is a tenant and not the property owner)
  7. Environmental questionnaire (document below)