As I may have mentioned before, there is a lot of paperwork involved in getting approved for a construction loan.
Here is a list of all the information you should have ready when looking to acquire a construction loan:

• Complete Credit Application - provided by lender
• Complete Personal Financial Application - provided by lender
• Previous 2 years of Federal & State Tax Returns
• Copy of Deed or Contract of Sale
• Name, Address & Phone Number of Applicant’s Attorney
• Description of specific project and overall development
• Present use of site; status of existing construction project
• Preliminary building and site plans with construction specifications
• Approved final plans for project *** (See note below)
• Projected cost breakdown, including direct building cost, land site preparation, paving, interest, taxes, professional fees (and other “soft costs”), brokerage fees, etc.
• Name and address of general contractor (if not applicant)
• Name, Address & Phone Number of Architect

*** I still haven’t submitted my plans to the City of Newark for approval. In order for me to do so - I must be able to present a Certificate of Liability Insurance. For me to present a Certificate of Liability Insurance I must show the insurance agent that a bank is going to approve my loan. Its crazy how every little thing is directly correlated to another!