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Construction Loans

If you build it... We will fund it.

At Metropolis Lending, sweat equity will land you a loan. Our competitive construction financing makes ambitious projects bankable. With LTV’s as high as 70%, why take on a partner? Opt for fast, flexible funding from Metropolis .

 

Steps for Construction Loans

  1. Statement of the prospective mortgage loan request (including loan amount, sources and use of funds, ‘as-is’ value, ‘as-complete’ value, budget, and exit strategy).

  2. Brief description of the mortgaged property including location, square footage, acreage, number and type of units, year built and renovated, and parking information (including number of total spaces, covered and handicapped spaces).

  3. Brief description of the Borrower, Principal and property manager including real estate experience and financial capacity.

  4. Neighborhood map indicating location of the mortgaged property and competitive properties.

  5. Copy of first mortgage loan commitment, if applicable.

  6. Copy of Site plan or building layout/floor plan.

  7. Set of color photographs (including aerial photographs, if available) of the mortgaged property and surrounding area including buildings and parking area.

  8. Property operating statements and occupancy for the past two calendar years. For retail, industrial and office properties, include current year-to-date actual and remainder of the year budget. For multifamily, hotel, self-storage, nursing home, congregate care and mobile home park properties, include trailing 12-month statements. Each signed, dated and certified correct by the borrower.

  • For retail, industrial and office properties only-Current rent roll (or other evidence of leasing status), signed, dated, and certified correct by the borrower/principal, detailing the following information for each tenant, where applicable:

    Tenant name

  • Suite number

  • Square footage of leased space

  • Current annual base rent (with break out of amortized tenant finish)

  • Expense payment provision (pass thru or stop)

  • Schedule of all significant capital expenditures incurred during the past three years, and budgeted for the next 12 months for the Mortgaged Property. Each signed, dated and certified correct by the borrower/principal.

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