HUD – FHA Apartment Loan Checklist

HUD – FHA Apartment Loan Checklist 2018-05-19T14:53:25+00:00
Trillium Capital Resources is ready to assist you in analyzing any apartment or multifamily asset for the HUD Apartment Loan programs.  Below is a list of vital information we utilize to complete a Preliminary Loan Analysis.  For more information on the HUD Apartment Loan Program, visit our FHA-HUD Apartment Loan Frequently Asked Questions page.


GENERAL PROPERTY INFORMATION: 

  • Project name 
  • Project location
  • Description and photograph of project (type of construction, number of buildings, elevator, etc.) Amenities/Common areas 
  • Details on commercial space, if any 
  • Details on other sources of funding (tax credits, grants, etc.) 
  • Any third party reports that have been completed  (market study, appraisal, phase I, etc.) 
  • Year the property was built 
  • If applicable, a brief synopsis of any substantial rehabilitations that have occurred since the property was originally constructed 

CHECKLIST  FOR  PRELIMINARY  LOAN  ANALYSIS

FINANCIAL AND OCCUPANCY INFORMATION: 

  • Last 3 fiscal year end financial statements 
  • Year to date monthly unaudited income/expense 
  • Current rent roll and trailing 12 months occupancy history 
  • Capital expenditures from the last 3 years and YTD interim period 
  • If refinance, amount of debt currently outstanding and prepayment premium, if any. Also, include the existing mortgage note and applicable riders 
  • If acquisition, purchase price of the property 
  • Section 8 contract, if applicable


REPAIRS:

  • A construction budget of proposed repairs, if any
  • Any operating expense reductions created as a direct result of repairs (i.e. reduced utility expense as a result of boiler replacement, etc.)


DEVELOPMENT TEAM

  • Name of Borrower
  • Name and experience of Sponsor
  • Name and experience of Management Agent Real estate owned schedules for major principals
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