PROJECT NAME:
STREET ADDRESS:
CITY/STATE/ZIP:
BORROWER NAME:
PHONE:
SITE CONTACT NAME:
ENTER AN "X"
DETAILS
PLEASE PROVIDE EXPLANATION WHEN NEEDED
YES
NO
PROPERTY
a.
Is the property insured or subsidized by HUD? If so, is the property in good standing?
b.
Did the sponsor supply evidence of appropriate zoning for the proposed property?
c.
Provide an estimate for needed rehab. Do they satisfy the criteria to qualify as 221(d)4?
d.
Is the property free of environmental issues? If no, please explain.
e.
Is the property stable , that is, current on debt, occupancy (92% or above), break-even cash flow or better?
BORROWER, MGMT AGENT & GENERAL CONTRACTOR
Does the borrower have FHA experience?
Does the Management Agent have FHA experience?
Are the purchaser and all principals in good standing with HUD? That is, there are no known 2530, REAC or Enforcement problems.
Does the borrower or any principal have a history of financial, legal or credit problems? If yes, please explain.
Does the proposed Architect and/or General Contractor have HUD experience?
PROGRAM and TRANSACTION
Are there any timing issues or constraints that may affect closing the transaction?
Is the market for this type of property at least 95% occupied?
Does the property have commercial space? If yes, describe the % of income and sq. ft. of commercial space.
Does the property consist of all market rate units? If no, please explain, and note any LIHTC, bond financing, subsidy, and tax abatement issues.
Is the property currently occupied? % occupancy? Is there a reason to move or displace tenants?
f.
Are there limitations or expectations as to cash required to close?
g.
Did the Borrower provide Evidence of Site Control that will extend until loan closing? Provide an overview.
h.
Other Concerns
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