A large new development loan file needs the land and entitlements, 100% construction documents, a priced GC contract, sources and uses, and a written takeout — not a rendering and a handshake.
Construction lenders do not underwrite a pretty site plan. They underwrite who owns the dirt, what the city has already approved, who is building it, and who pays the loan off when the building is done. This checklist is the package most banks, debt funds, and construction lenders request on a large ground-up file.
Jaken Finance Group prices qualified construction and bridge files at 8.99%–13.5% interest-only, with inspected draws and a close target of 10–14 business days once title, entity, and the civil story are in motion. Land-only pieces stay in the 50%–65% as-is band. Houses after lot release use a vertical facility — see new construction loans and A&D loans.
Use this list before you apply. A missing will-serve letter or an unsigned GMP stalls the file longer than a 25-basis-point argument.
Who this checklist is for
Sponsors closing a large ground-up construction or vertical development loan. Category: Ground-up construction.
How Jaken Finance Group reads this file
Jaken Finance Group construction underwriting is asset-based: credit is reviewed, but the land, budget, GC, and exit drive approval. Personal tax returns are not the first thing we open on a qualified investor file — the civil set and sources-and-uses are.
This PDF also covers what banks and debt funds still ask for (PFS, tax returns, bonds). Gather those if you may take the same project to a bank construction desk or a permanent takeout later.
Apply on the new construction form or call (833) 264-7776.
What delays this file
- Architectural set is schematic, not 100% construction documents
- No will-serve letters — water or sewer capacity is assumed
- GC contract is a letter of intent, not an executed GMP or lump sum
- Sources and uses omit impact fees, tap fees, and interest reserve
- Exit memo says “refi or sell” with no lender, buyer, or absorption support
- Sponsor resume lists projects they advised on, not projects they built
How to assemble the packet
- Confirm land control and entitlements. Collect the purchase contract or deed, title commitment, ALTA survey, zoning approval, and every variance or conditional use permit already issued.
- Lock the construction package. Attach 100% construction documents, civil plans, geotech, permit status, and an executed GC contract with a line-item budget and draw schedule.
- Write the takeout before you submit. State whether the exit is a sale, permanent refinance, or lot takedown. Support rents or sale prices with comps or pre-leases — not a brochure.
- Submit the complete file. Upload the packet on the new construction application so underwriting can start on the first pass instead of chasing exhibits.
Program page: New construction loans · Related: A&D loans · Subdivision financing · Multifamily construction · How to submit a scope of work
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43 items · 9 sections
0 of 43 collected
1. Entity & legal documents
2. Land & entitlements
3. Plans, permits & design
4. Construction & budget
5. Market, pre-leasing & pro forma
6. Environmental & site conditions
7. Sponsor / guarantor & development team
Lenders underwrite the sponsor’s completed comparable projects as heavily as the deal itself.
8. Insurance
9. Additional items commonly requested
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