construction loan closing checklist - Missouri Housing Development ...
construction loan closing checklist - Missouri Housing Development ...
construction loan closing checklist - Missouri Housing Development ...
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CONSTRUCTION LOAN CLOSING CHECKLIST<br />
DEVELOPMENT NAME MHDC #<br />
BORROWER<br />
UNDERWRITER<br />
DEVELOPER CONTACT NAME, PHONE # AND EMAIL<br />
MHDC LEGAL DEPARTMENT CONTACT PERSON<br />
MHDC APPROVAL/MHDC USE ONLY<br />
Please submit the following items to MHDC for review and approval:<br />
Received<br />
Review<br />
Completed<br />
Comments<br />
Legal<br />
Architecture<br />
Mortgage.<br />
Credit<br />
Tax<br />
Credit<br />
Asset<br />
Management<br />
Environmental<br />
Underwriting<br />
1 Title Company and/or Agent for Title Company<br />
(a) Title Commitment<br />
(b) Schedule B Exception Documents<br />
(c) Pro Forma Title Policy<br />
(d) Evidence of Title Insurer's Rating<br />
(e) Closing Protection Letter<br />
(f) Resolution Authorizing Signatory for Closing Documents<br />
(g) Certificate of Good Standing (dated within 30 days of <strong>closing</strong>)<br />
(h) Closing Statement (if using a vesting deed for evidence of site control)<br />
2 Organizational Documents for Borrower<br />
A. Ownership Entity (limited partnership)<br />
(a) Partnership Agreement with Exhibits<br />
(b) Certificate of Limited Partnership<br />
(c) <strong>Missouri</strong> Certificate of Good Standing (dated within 30 days of <strong>closing</strong>)<br />
(d) Resolution Authorizing Signatory for Closing Documents<br />
(e) IRS form W-9 Request for Taxpayer Identification Number and Certification<br />
B. General Partner (LLC/corporation)<br />
(a) Articles of Organization or Articles of Incorporation<br />
(b) Operating Agreement or By-laws<br />
(c) Certificate of Organization or Certificate of Incorporation<br />
(d) <strong>Missouri</strong> Certificate of Good Standing (dated within 30 days of <strong>closing</strong>)<br />
(e) Resolution Authorizing Signatory for Closing Documents<br />
C. Ownership Entity (corporation or LLC)<br />
(a) Articles of Organization or Articles of Incorporation<br />
(b) Operating Agreement or By-laws<br />
(c) Certificate of Organization or Certificate of Incorporation<br />
(d) <strong>Missouri</strong> Certificate of Good Standing (dated within 30 days of <strong>closing</strong>)
CONSTRUCTION LOAN CLOSING CHECKLIST<br />
DEVELOPMENT NAME MHDC #<br />
BORROWER<br />
UNDERWRITER<br />
DEVELOPER CONTACT NAME, PHONE # AND EMAIL<br />
MHDC LEGAL DEPARTMENT CONTACT PERSON<br />
MHDC APPROVAL/MHDC USE ONLY<br />
Please submit the following items to MHDC for review and approval:<br />
Received<br />
Review<br />
Completed<br />
Comments<br />
Legal<br />
Architecture<br />
Mortgage.<br />
Credit<br />
Tax<br />
Credit<br />
Asset<br />
Management<br />
Environmental<br />
Underwriting<br />
(e) Resolution Authorizing Signatory for Closing Documents<br />
3 Documents for Other <strong>Development</strong> Team Members<br />
A. Contractor<br />
(a) Resolution Authorizing Signatory for Closing Documents<br />
(b) E-Verify Memorandum of Understanding<br />
(c) Certificate of Good Standing (dated within 30 days of <strong>closing</strong>)<br />
(d) Evidence of Best's rating for the Surety if bond used for completion assurance (n/a if Letter of<br />
Credit)<br />
(e) Letter of Credit for Completion Assurance<br />
(f) Building Permits<br />
(g) Construction Contract (if MHDC form not utilized) with Prevailing Wage and WEP exhibit<br />
(h) Off-site Bond or Escrow Agreement, if applicable<br />
(i) Off-Site Contract, if applicable<br />
(j) MHDC form 2502 Subcontractor List<br />
(k) Subcontractor Bids<br />
(l) Section 3 Plan, if applicable<br />
B. Architect<br />
(a) Resolution Authorizing Signatory for Closing Documents<br />
(b) Certificate of Good Standing (dated within 30 days of <strong>closing</strong>)<br />
(c) Owner Architect Agreement – B108 (with MHDC addendum)<br />
(d) Plans and Specifications (include Prevailing Wage determination current within 10 days of <strong>closing</strong>)<br />
(e) List of Drawings<br />
(f) Sustainable Design, if applicable<br />
4 Site Control (vesting deed, purchase agreement w/exhibits & amendments, or ground lease)<br />
5 Land Disturbance Permit, or evidence from project engineer or architect that permit is n/a<br />
6 Original signed, sealed Survey (dated within 90 days of <strong>closing</strong>)<br />
7 Original Surveyor's Report (dated within 30 days of <strong>closing</strong>)
CONSTRUCTION LOAN CLOSING CHECKLIST<br />
DEVELOPMENT NAME MHDC #<br />
BORROWER<br />
UNDERWRITER<br />
DEVELOPER CONTACT NAME, PHONE # AND EMAIL<br />
MHDC LEGAL DEPARTMENT CONTACT PERSON<br />
MHDC APPROVAL/MHDC USE ONLY<br />
Please submit the following items to MHDC for review and approval:<br />
Received<br />
Review<br />
Completed<br />
Comments<br />
Legal<br />
Architecture<br />
Mortgage.<br />
Credit<br />
Tax<br />
Credit<br />
Asset<br />
Management<br />
Environmental<br />
Underwriting<br />
8 Zoning Letter<br />
9 Utility Letters<br />
(a) Electrical Services<br />
(b) Gas Services<br />
(c) Water Services<br />
(d) Sewer Services<br />
10 Insurance Items<br />
(a) Fidelity Bond<br />
(b) Original Builder's Risk Insurance Certificate with receipt showing full payment of premium<br />
(c) Original General Liability Insurance Certificate with receipt showing full payment of<br />
premium<br />
11 Opinion Letter from Mortgagor's Attorney<br />
12 Final approved Financial Projections (FIN-100 or equivalent)<br />
13 <strong>Development</strong> Services Agreement (or equivalent)<br />
14 HUD-2530 Approval<br />
15 First Draw Request<br />
16 Pre-<strong>closing</strong> Environmental Mitigating Requirements<br />
17 Wage Determination –bound in Plans and Specs and must be current within 10 days of <strong>closing</strong><br />
18 Resolution of any requirements outlined in the Firm Commitment Review Memos<br />
19 Approved Part II Application by National Park Services (historic rehabs only)<br />
20 All senior <strong>loan</strong> documents, if applicable<br />
21 Home ownership addendum and related documents, if applicable<br />
22 Original Management Certification (Exhibit A-2, A-3 or A-4 whichever is applicable)<br />
23 Exhibit A-5 Management Profile<br />
24 Exhibit A-6 Authorization to Release Information<br />
25 Exhibit A-7 Training Certification Checklist<br />
26 Exhibit A-9 - (FIN 105) - Experience Summary
CONSTRUCTION LOAN CLOSING CHECKLIST<br />
DEVELOPMENT NAME MHDC #<br />
BORROWER<br />
UNDERWRITER<br />
DEVELOPER CONTACT NAME, PHONE # AND EMAIL<br />
MHDC LEGAL DEPARTMENT CONTACT PERSON<br />
MHDC APPROVAL/MHDC USE ONLY<br />
Please submit the following items to MHDC for review and approval:<br />
Received<br />
Review<br />
Completed<br />
Comments<br />
Legal<br />
Architecture<br />
Mortgage.<br />
Credit<br />
Tax<br />
Credit<br />
Asset<br />
Management<br />
Environmental<br />
Underwriting<br />
27 Original Affirmative Fair <strong>Housing</strong> Marketing Plan<br />
28 Exhibit L - Property Data Sheet<br />
29 Original Exhibit J - Authorized Representative Designation<br />
30 Original Exhibit J-1 - Management Authorized Representative Designation<br />
31 Training Certificates (Dated within last 2 years for each employee listed on Exhibit A-7)<br />
Please refer to the Firm Commitment which states in detail all conditions to be met in order to close.<br />
A <strong>closing</strong> date will be set when all of the items listed above have been received and approved by MHDC.<br />
Closing will take place at the offices of the <strong>Missouri</strong> <strong>Housing</strong> <strong>Development</strong> Commission, 3435 Broadway, Kansas City, MO 64111.<br />
Approval to close:<br />
Legal Date<br />
Architecture Date<br />
Mortgage Credit Date<br />
Tax Credit Date<br />
Environmental Date<br />
Underwriter Date<br />
Asset Management Date
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