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EZ Loan Underwriting Document Requirements

EZ Loan Underwriting Document Requirements

I. Application Documents

  1. DCED Single Application
  2. Copy of borrowers’ Board Resolution to enter in a loan agreement with the Grantee

II. Financial Documentation

  1. year to date balance sheet and income statement
  2. last three financial statements
  3. current cash flow statement
  4. three year pro forma income and cash flow statements (with proposed debt service)
  5. personal financial statement(s) of proposed borrower(s)
  6. with 20% or more equity interest
  7. copy(ies) of loan commitment(s) from lenders with matching funds

III. Credit Documentation

  1. credit report(s) of borrower(s) with 20% or more equity interest
  2. copy of Dunn & Bradstreet business rating

IV. Real Estate & Business Chattel Documentation – if real estate acquisition,

  1. renovation or machinery/equipment is involved.
  2. copy of real estate appraisal by state licensed real estate appraiser – with photos
  3. copy of current title report
  4. copy of purchase agreement
  5. copy of rent roll – if borrower(s) is commercial or industrial lessor
  6. copy(ies) of lease(s) if borrower(s) is commercial/industrial lessor or lessee
  7. copy of zoning classification for commercial or industrial building(s)
  8. copy of Environmental Assessment Report, Phase I or Phase II
  9. copy of UCC report on machinery and equipment

V. Construction Documentation

  1. construction cost budget for new and renovation construction
  2. copy of construction permit
  3. copy of construction contract between contractor and owner

VI. Insurance Documentation

  1. copy contractor performance bond
  2. copy of contractor liability coverage
  3. copy of borrower’s liability and fire/casualty coverage

VII. Narrative

  1. A narrative providing history of the company, outlining the project, and listing the total financing required

VIII. Time-table - Application submission/approval must occur before project begins