EZ Loan Underwriting Document Requirements
EZ Loan Underwriting Document Requirements
I. Application Documents
- DCED Single Application
- Copy of borrowers’ Board Resolution to enter in a loan agreement with the Grantee
II. Financial Documentation
- year to date balance sheet and income statement
- last three financial statements
- current cash flow statement
- three year pro forma income and cash flow statements (with proposed debt service)
- personal financial statement(s) of proposed borrower(s)
- with 20% or more equity interest
- copy(ies) of loan commitment(s) from lenders with matching funds
III. Credit Documentation
- credit report(s) of borrower(s) with 20% or more equity interest
- copy of Dunn & Bradstreet business rating
IV. Real Estate & Business Chattel Documentation – if real estate acquisition,
- renovation or machinery/equipment is involved.
- copy of real estate appraisal by state licensed real estate appraiser – with photos
- copy of current title report
- copy of purchase agreement
- copy of rent roll – if borrower(s) is commercial or industrial lessor
- copy(ies) of lease(s) if borrower(s) is commercial/industrial lessor or lessee
- copy of zoning classification for commercial or industrial building(s)
- copy of Environmental Assessment Report, Phase I or Phase II
- copy of UCC report on machinery and equipment
V. Construction Documentation
- construction cost budget for new and renovation construction
- copy of construction permit
- copy of construction contract between contractor and owner
VI. Insurance Documentation
- copy contractor performance bond
- copy of contractor liability coverage
- copy of borrower’s liability and fire/casualty coverage
VII. Narrative
- 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