Application

Once you complete the intake process, and the lender has expressed interest in your space project, the next step is to submit an application and supporting documentation. Below is a list of the documentation you will need. If you are using any type of assistance or specialty lender (i.e. nonprofit funder, government, etc.), you might also need to provide additional information.

• Organization Information
  • Mission statement;
  • Summary of the organization’s activities (programming, membership services, community activities, etc.);
  • Summary of organization’s goals over the next five years (financial, programming, etc.);
  • Explanation of how this project impacts goals;
  • Number of employees, board members and volunteers (may ask for demographic breakdown);
  • Organizational chart;
  • Job descriptions of key personnel;
  • List of all advisors and their roles;
  • List of board members, including bios;
  • Reports on the organization, such as news articles;
  • Organizational brochure, pamphlets and other literature;
  • Description of current facilities;
  • 501(c)(3) documentation (the IRS Determination Letter); and
  • Articles of Incorporation.

• Project Information
  • Summary of the organization’s real estate buying and/or development experience, including the type of property the organization has owned.
  • Development Team. Who will work on the space project, and what is their experience in real estate buying and/or real estate development? Consists of consultants, staff and board members specifically responsible for overseeing the project.
  • A detailed list of all partners involved in the project, including other organizations, businesses and government agencies.
  • Environmental report on the current environmental condition of the site. Click here for more information.
  • Appraised value of the property.
  • What is the tax status of the property? Are back taxes owed? Is property taxed at residential, commercial or industrial rates?
  • Is the property zoned for your intended use? If not, have you started the rezoning process?
  • Why is the proposed property appropriate for your use and activities?
  • Do you have another property in mind, if you cannot obtain this one?
  • What will be the impact of your organization on the community?
  • Who is your contractor and/or builder?
  • How did you select this person and/or company?
  • Does this person and/or company have experience working with projects similar to your own?
• Financial Information
  • Financial spreadsheets;
  • What is your proposed budget for this project?
  • Have you approached other lenders? If so, is their loan commitment contingent on your securing additional financing?
  • What sources will you use to pay back the loan?
  • Letters from funders stating how much you have been awarded, and for how long. Should include large gifts from government, private foundations and individuals.
  • Profit and Loss Statement signed by you and your accountant, covering the last three years
  • Rental/lease agreements for space you occupy now
  • Bank statements including savings, checking and investment accounts for the last three years
  • Tax returns for the last three years
  • Original stocks and securities account statements for the last three months
  • Name and address of present mortgage holder
  • Name and address of landlord
  • 12 months or more rental payment history. Recent receipts or cancelled checks are acceptable
  • Contact information of your current lenders, as well as the amount you owe
  • Audits
• Collateral
  • List of items that can be pledged as collateral,
  • Credit and financial references, and
  • Pledges (in writing).
• References
  • Character references, and
  • Credit and financial references.
• Explanation letter for any of the following credit issues
  • Slow pay on credit,
  • Default or foreclosure,
  • Judgment or liens, and
  • Bankruptcy.
    
• Additional Information, if applicable
  • Closing statement from sale of present property; and
  • Construction and Permanent Loans will need a signed construction contract with cost breakdown, builder plans and paid receipts.