Download a printable Application Checklist form.
1. Project
- Copy of signed purchase agreement for land and/or building.*
- Copy of Sworn Construction Statement including construction bids.*
- Copy of equipment list (purchase invoices).*
2. Business
- History and description of the business.*
- Current balance sheet and income statement (accrual basis) for the Operating Company (OC). Must be within 90 days of the application date.*
- Accounts receivable and accounts payable aging reports corresponding with current balance sheet.*
- Debt schedule, corresponding with current balance sheet, detailing all obligations for the OC.*
- Last three fiscal year-end balance sheets and income statements (accrual basis) and completed signed copies of past three years' income tax returns for the OC.*
- Any business in operation less than two years must provide a projections of earnings - estimate 2 year, including a description of assumptions, showing the effect of the proposed project plus a month-by-month statement of cash flow.*
- For business start-ups or expansion projects - Breakeven Analysis.
3. Business Misc.
- Filed copy of Articles of Incorporation and By-laws, and/or Partnership Agreement and/or Limited Liability Company Organizational documentation or Certificate of Assumed Name
- Employer identification number/Tax identification number for the real estate holding company and/or OC.
- Names, addresses and last two fiscal year-end financial statements or tax returns of any subsidiaries and/or affiliates, if applicable. Copy of signed franchise or dealer agreement, if applicable.
- Copy of new lease between OC and real estate holding company, if applicable.
4. Personal
- Signed Personal financial statements (including spouse); not more than 90 days old from application date).*
- Complete and signed copies of the past three years tax returns, including all W-2's, schedules and K-1's from all owners of the OC.*
- Resumes of all officers and key management of the OC.*
- Assignment of Life Insurance policy as collateral on key owner(s) of the OC.
5. Lender
- Sample Bank Commitment Letter with Credit Elsewhere Statement from first mortgage lender.
- Credit reports for all owners.
- Business credit report for the OC.
- Copy of lender's credit memorandum.
- Appraisal of project (NOTE: this must be ordered by participating lender and must include CMDC and U.S. Small Business Administration in the reliance statement).
- Environmental investigation: Phase I or a Phase II (which must include an environmental reliance letter to CMDC and U.S. Small Business Administration) or an environmental questionnaire and records search with risk assessment.
- Itemization of soft costs (include professional fees, contingencies and interim interest).
* Required Items for Pre-Qualifaction Submittal