The following needs to be submitted by the borrower:
- Application (document below) this includes a project sources and uses estimate with contingency
- Balance Sheet - current period and prior fiscal year
- Income Statement - current YTD and prior fiscal year
- a) Purchase agreement; or b) Contractor or architect's scoping letter and project estimate
- 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
- Property lease (if the chapter corporation is a tenant and not the property owner)
- Environmental questionnaire (document below)