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Checklists

APARTMENT BUILDING / MULTIFAMILY / MIXED-USE PROPERTY
NEW DEVELOPMENT
SHOPPING CENTER / RETAIL
OWNER-OCCUPIED BUSINESS
COMMERCIAL
INDUSTRIAL PROPERTY
OFFICE BUILDING
NET-LEASE PROPERTY
COOPERATIVE UNDERLYING MORTGAGE
COMMERCIAL CO-OP / CONDOMINIUM UNITS
HOTEL
SPECIALTY PROPERTIES
PARKING GARAGE

APARTMENT BUILDING / MULTIFAMILY / MIXED-USE PROPERTY

(The need for items #10-13 will vary according to each situation)

  1. CURRENT RENT ROLL including:
    • Regulated units (controlled, stabilized)
    • Apartment numbers
    • Room/Bathroom Count

  2. COMPLETE INCOME/EXPENSE STATEMENT on the property including:
    • Annual property taxes
    • Insurance
    • Water/Sewer
    • Fuel, Electricity
    • Maintenance/Repairs & Management

  3. SUMMARY OF ALL COMMERCIAL LEASES (if any) showing escalations & expirations.


  4. COMPLETE, DETAILED PHYSICAL DESCRIPTION INCLUDING SQUARE FOOTAGE.


  5. IF ACQUISITION, PROVIDE COPY OF FULLY EXECUTED CONTRACT OF SALE.


  6. IF REFI, PRICE ORIGINALLY PAID FOR PROPERTY, date of purchase and summary of current financing.


  7. PHOTOS, if available.


  8. SITE PLAN OR PROPERTY SURVEY, if available.


  9. SUMMARY OF CURRENT FINANCING (refinance only) including:
    • Current lender
    • Current principal balance
    • Current interest rate
    • Current monthly payment
    • Maturity date
    • Prepayment penalty information

  10. CURRENT BUSINESS FINANCIAL STATEMENT (where applicable)


  11. LAST TWO (2) YEARS' PERSONAL TAX RETURNS (where applicable)


  12. LAST TWO (2) YEARS' BUSINESS TAX RETURNS (where applicable)


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NEW DEVELOPMENT

(Items 1-10 needed immediately. Items 11-18 needed as we proceed.)

  1. EXECUTIVE SUMMARY OF THE DEVELOPMENT.


  2. CONSTRUCTION BUDGET including hard and soft costs.


  3. BACKGROUND/BIO ON EACH PARTNER emphasizing development/construction/ renovation/real estate experience and past projects successfully completed.


  4. BACKGROUND/BIO/RECENT SIMILAR PROJECTS COMPLETED for architect, contractor and construction manager (if applicable).


  5. A PERSONAL FINANCIAL STATEMENT FOR EACH PARTNER with an interest of 10% or more. (If you do not have a recent accountant prepared financial statement, please click here for a PDF form).


  6. LAST TWO YEARS' 1040 TAX RETURNS for each partner with an interest of 10% or more in the project.


  7. PROPOSED SALE PRICES AND MARKETING PLANS for completed units (if condominiums).


  8. COMPARABLE SALES INFORMATION for both the residential apartments, and any commercial space (if condominiums).


  9. RENTAL ANALYSIS OF THE PROPERTY (based on the estimated rental value of the completed units.


  10. COPY OF FULLY EXECUTED PURCHASE CONTRACT.


  11. COPY OF APPROVED BUILDING PLANS (if available).


  12. COPY OF ZONING ANALYSIS.


  13. COPY OF DEED.


  14. EVIDENCE THAT THE PARTNERS CONTROL ANY DEVELOPMENT RIGHTS NECESSARY TO EXECUTE THE PLANS.


  15. TIMELINE showing key points from beginning to completion of project.


  16. LLC AGREEMENT OR ARTICLES OF INCORPORATION OF ENTITY, IF ANY.


  17. COPY OF THE CONTRACT between the developer and the general contractor.


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SHOPPING CENTER / RETAIL

(The need for items #9-12 will vary according to each situation)

  1. CURRENT RENT ROLL including:
    • SF of units
    • Lease abstract details such as: Escalations, commencement & expirations, add-ons, description of tenant, Description of any added rent that the tenant is responsible for (In addition three years of historical data would be ideal)

  2. COMPLETE INCOME/EXPENSE STATEMENT on the property including:
    • Annual property taxes
    • Insurance
    • Water/Sewer
    • Fuel
    • Electricity
    • Maintenance/Repairs
    • Management
    • CAM
    • Leasing commissions, tenant improvements

  3. COMPLETE, DETAILED PHYSICAL DESCRIPTION along with SITE PLAN or Property Survey.


  4. IF ACQUISITION, PROVIDE COPY OF FULLY EXECUTED CONTRACT OF SALE.


  5. IF REFI, PRICE ORIGINALLY PAID FOR PROPERTY, date of purchase and summary of current financing.


  6. PHOTOS, if available.


  7. SUMMARY OF CURRENT FINANCING (refinance only) including:
    • Current lender
    • Current principal balance
    • Current interest rate
    • Current monthly payment
    • Due date
    • Prepayment penalty information

  8. INFORMATION ON MANAGEMENT COMPANY, IF SEPARATE FROM OWNERSHIP.


  9. CURRENT PERSONAL FINANCIAL STATEMENT (where applicable) (If you do not have a recent accountant prepared financial statement, please click here for a PDF form)


  10. CURRENT BUSINESS FINANCIAL STATEMENT (where applicable)


  11. LAST TWO (2) YEARS' PERSONAL TAX RETURNS (where applicable)


  12. LAST TWO (2) YEARS' BUSINESS TAX RETURNS (where applicable)


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OWNER-OCCUPIED BUSINESS

  1. CURRENT BALANCE SHEET and CURRENT YEAR TO DATE PROFIT & LOSS statement for the business.


  2. LAST THREE (3) YEARS' PROFIT & LOSS STATEMENTS.


  3. COMPLETE INCOME / EXPENSE STATEMENT on the property including:
    • Annual property taxes
    • Insurance
    • Water / Sewer
    • Fuel
    • Electricity
    • Maintenance / Repairs
    • Management


  4. SUMMARY OF ALL LEASES (if any) showing escalations and expirations.


  5. COMPLETE, DETAILED PHYSICAL DESCRIPTION INCLUDING SQUARE FOOTAGE.


  6. IF REFI, PRICE ORIGINALLY PAID FOR PROPERTY, date of purchase and summary of current financing.


  7. IF ACQUISITION, COPY OF FULLY EXECUTED CONTRACT OF SALE.


  8. PHOTOS, if available.


  9. SITE PLAN or Property Survey.


  10. SUMMARY OF CURRENT FINANCING (refinance only) including:
    • Current lender
    • Current principal balance
    • Current interest rate
    • Current monthly payment
    • Due date
    • Prepayment penalty information

  11. FULL DESCRIPTION/HISTORY OF BUSINESS


  12. BIO / RESUME OF PRINCIPAL(S).


  13. LAST TWO (2) YEARS' BUSINESS TAX RETURNS.


  14. LAST TWO (2) YEARS' PERSONAL TAX RETURNS for all principals of business.


  15. COPY OF DEED


  16. PERMISSION TO RUN CREDIT REPORT(S): Please print the CREDIT REPORT AUTHORIZATION PDF file. (Please make copies for each individual in the case of a corporation or partnership, complete and fax back to 718-338-5282).


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COMMERCIAL

(The need for items #10-13 will vary according to each situation)

  1. CURRENT RENT ROLL including:
    • Regulated units (controlled, stabilized)
    • Apartment numbers
    • Room/Bathroom Count

  2. COMPLETE INCOME/EXPENSE STATEMENT on the property including:
    • Annual property taxes
    • Insurance
    • Water/Sewer
    • Fuel, Electricity
    • Maintenance/Repairs & Management

  3. SUMMARY OF ALL COMMERCIAL LEASES (if any) showing escalations & expirations.


  4. COMPLETE, DETAILED PHYSICAL DESCRIPTION INCLUDING SQUARE FOOTAGE.


  5. IF ACQUISITION, PROVIDE COPY OF FULLY EXECUTED CONTRACT OF SALE.


  6. IF REFI, PRICE ORIGINALLY PAID FOR PROPERTY, date of purchase and summary of current financing.


  7. PHOTOS, if available.


  8. SITE PLAN OR PROPERTY SURVEY, if available.


  9. SUMMARY OF CURRENT FINANCING (refinance only) including:
    • Current lender
    • Current principal balance
    • Current interest rate
    • Current monthly payment
    • Maturity date
    • Prepayment penalty information

  10. CURRENT PERSONAL FINANCIAL STATEMENT (where applicable) (If you do not have a recent accountant prepared financial statement, please click here for a PDF form)


  11. CURRENT BUSINESS FINANCIAL STATEMENT (where applicable)


  12. LAST TWO (2) YEARS' PERSONAL TAX RETURNS (where applicable)


  13. LAST TWO (2) YEARS' BUSINESS TAX RETURNS (where applicable)


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INDUSTRIAL PROPERTY

(The need for items # 9-12 will vary according to each situation)

  1. CURRENT RENT ROLL including:
    • SF of units
    • Lease abstract details such as: Escalations, commencement & expirations, add-ons, description of tenant, Description of any added rent that the tenant is responsible for (In addition three years of historical data would be ideal)

  2. COMPLETE INCOME/EXPENSE STATEMENT on the property including:
    • Annual property taxes
    • Insurance
    • Water/Sewer
    • Fuel
    • Electricity
    • Maintenance/Repairs
    • Management
    • CAM
    • Leasing commissions, tenant improvements

  3. COMPLETE, DETAILED PHYSICAL DESCRIPTION along with SITE PLAN or Property Survey.


  4. IF ACQUISITION, PROVIDE COPY OF FULLY EXECUTED CONTRACT OF SALE.


  5. IF REFI, PRICE ORIGINALLY PAID FOR PROPERTY, date of purchase and summary of current financing.


  6. PHOTOS, if available.


  7. SUMMARY OF CURRENT FINANCING (refinance only) including:
    • Current lender
    • Current principal balance
    • Current interest rate
    • Current monthly payment
    • Due date
    • Prepayment penalty information

  8. INFORMATION ON MANAGEMENT COMPANY, IF SEPARATE FROM OWNERSHIP.


  9. CURRENT PERSONAL FINANCIAL STATEMENT (where applicable) (If you do not have a recent accountant prepared financial statement, please click here for a PDF form)


  10. CURRENT BUSINESS FINANCIAL STATEMENT (where applicable)


  11. LAST TWO (2) YEARS' PERSONAL TAX RETURNS (where applicable)


  12. LAST TWO (2) YEARS' BUSINESS TAX RETURNS (where applicable)


  13. PERMISSION TO RUN CREDIT REPORT(S): Please print the CREDIT REPORT AUTHORIZATION PDF file. (Please make copies for each individual in the case of a corporation or partnership, complete and fax back to 718-338-5282).


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OFFICE BUILDING

(The need for items # 9-12 will vary according to each situation)

  1. CURRENT RENT ROLL including:
    • SF of units
    • Lease abstract details such as: Escalations, commencement & expirations, add-ons, description of tenant, Description of any added rent that the tenant is responsible for (In addition three years of historical data would be ideal)

  2. COMPLETE INCOME/EXPENSE STATEMENT on the property including:
    • Annual property taxes
    • Insurance
    • Water/Sewer
    • Fuel
    • Electricity
    • Maintenance/Repairs
    • Management
    • CAM
    • Leasing commissions, tenant improvements

  3. COMPLETE, DETAILED PHYSICAL DESCRIPTION along with SITE PLAN or Property Survey.


  4. IF ACQUISITION, PROVIDE COPY OF FULLY EXECUTED CONTRACT OF SALE.


  5. IF REFI, PRICE ORIGINALLY PAID FOR PROPERTY, date of purchase and summary of current financing.


  6. PHOTOS, if available.


  7. SUMMARY OF CURRENT FINANCING (refinance only) including:
    • Current lender
    • Current principal balance
    • Current interest rate
    • Current monthly payment
    • Due date
    • Prepayment penalty information

  8. INFORMATION ON MANAGEMENT COMPANY, IF SEPARATE FROM OWNERSHIP.


  9. CURRENT PERSONAL FINANCIAL STATEMENT (where applicable) (If you do not have a recent accountant prepared financial statement, please click here for a PDF form)


  10. CURRENT BUSINESS FINANCIAL STATEMENT (where applicable)


  11. LAST TWO (2) YEARS' PERSONAL TAX RETURNS (where applicable)


  12. LAST TWO (2) YEARS' BUSINESS TAX RETURNS (where applicable)


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NET-LEASE PROPERTY

(The need for items # 9-12 will vary according to each situation)

  1. CURRENT RENT ROLL including:
    • SF of units
    • Lease abstract details such as: Escalations, commencement & expirations, add-ons, description of tenant, Description of any added rent that the tenant is responsible for (In addition three years of historical data would be ideal)

  2. COMPLETE INCOME/EXPENSE STATEMENT on the property including:
    • Annual property taxes
    • Insurance
    • Water/Sewer
    • Fuel
    • Electricity
    • Maintenance/Repairs
    • Management
    • CAM
    • Leasing commissions, tenant improvements

  3. COMPLETE, DETAILED PHYSICAL DESCRIPTION along with SITE PLAN or Property Survey.


  4. IF ACQUISITION, PROVIDE COPY OF FULLY EXECUTED CONTRACT OF SALE.


  5. IF REFI, PRICE ORIGINALLY PAID FOR PROPERTY, date of purchase and summary of current financing.


  6. PHOTOS, if available.


  7. SUMMARY OF CURRENT FINANCING (refinance only) including:
    • Current lender
    • Current principal balance
    • Current interest rate
    • Current monthly payment
    • Due date
    • Prepayment penalty information

  8. INFORMATION ON MANAGEMENT COMPANY, IF SEPARATE FROM OWNERSHIP.


  9. CURRENT PERSONAL FINANCIAL STATEMENT (where applicable) (If you do not have a recent accountant prepared financial statement, please click here for a PDF form)


  10. CURRENT BUSINESS FINANCIAL STATEMENT (where applicable)


  11. LAST TWO (2) YEARS' PERSONAL TAX RETURNS (where applicable)


  12. LAST TWO (2) YEARS' BUSINESS TAX RETURNS (where applicable)


  13. PERMISSION TO RUN CREDIT REPORT(S): Please print the CREDIT REPORT AUTHORIZATION PDF file. (Please make copies for each individual in the case of a corporation or partnership, complete and fax back to 718-338-5282).


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COOPERATIVE UNDERLYING MORTGAGE

1a. Initially, the COVER OF THE PROSPECTUS along with the "SCHEDULE A" and the most recent amendment (if any).

1b. PROSPECTUS & ALL AMENDMENTS, FLOOR PLANS, if available. Updated information on apartment configurations & combinations including any new share # allocations.

2. LAST TWO (2) YEARS' FINANCIAL STATEMENTS and a copy of the last calendar years' management report printout.

3. LIST OF SALES SINCE DURING THE LAST THREE (3) YEARS: Price Paid Number of Shares Closing Date

4. LIST OF SHAREHOLDERS: Maintenance Schedule/Rent roll (should include description of apts., for example: 3br/2 bath w/ terrace). Identify which apartments are (1) owner-occupied, (2) sponsor-owned, (3) shareholder owned but sublet, or (4) co-op-owned. Also include an aged arrears report with explanations.

5. SPONSOR SURPLUS/SHORTFALL SCHEDULE if applicable. i.e., the rents received by the sponsor (or holder of unsold shares) vs. the maintenance he pays plus any mortgage payments Sponsor/Holder may have on his units.

6. STATUS OF J-51 TAX ABATEMENT, if applicable.

7. DETAILS of current mortgage: When due, pre-payment penalties, etc.

8. GROUND LEASE and/or COMMERCIAL LEASES, if applicable.

9. LIST OF CAPITAL IMPROVEMENTS ALREADY COMPLETED (during the last five years) AND PLANNED FOR THE FUTURE.

10. CURRENT BALANCE IN RESERVE FUND. (Provide latest Bank Statement)

11. CURRENT YEARS' BUDGET.

12. SERVICE CONTRACTS - copies of any contracts (such as elevator repair or management, etc.) valued at $5,000/year or greater.

13. SUMMARY OF ANY CURRENT OR PENDING LITIGATION.

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Commercial Co-op / Condominium Units

  1. FULL PHYSICAL DESCRIPTION OF THE SPACE, including square footage.


  2. WILL IT BE OWNER-OCCUPIED OR SUBLET?
    • If sublet, provide a summary of all leases showing escalations and expirations.
    • If owner-occupied, description/history of business occupying space, and bio/ resume of principal(s).
    • Corporate financial statement, last two (2) years' profit and loss statement for business(es), & last two (2) years' 1040 tax returns for Principal(s) owning 10% or more.

  3. IF ACQUISITION, COPY OF THE FULLY EXECUTED CONTRACT OF SALE.


  4. IF REFI, SUMMARY OF CURRENT FINANCING including price originally paid for property, date of purchase, name, term, amortization and prepayment penalty (if applicable).


  5. IF THERE WILL BE SIGNIFICANT RENOVATION OR CONSTRUCTION, summary of the process, time frame, permits needed, budget, improvements to be made, and work to be performed.


  6. LAST TWO (2) YEARS' FINANCIAL STATEMENTS for the CO-OP Corporation or Condo Association.


  7. COOPERATIVE OR CONDOMINIUM BUILDING DETAILS including number of floors, number of units, number of owner-occupied units.


  8. PHOTOGRAPHS OF UNIT.


  9. PERMISSION TO RUN CREDIT REPORT(S): Please print the CREDIT REPORT AUTHORIZATION PDF file. (Please make copies for each individual in the case of a corporation or partnership, complete and fax back to 718-338-7200).


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HOTEL

(The need for items #15-17 will vary according to each situation)

  1. Most recent trailing 12 month INCOME/EXPENSE STATEMENT in standard Hotel accounting format. Go to FORMS and then HOTEL SPREADSHEET at www.duscany.com to download Excel spreadsheet.


  2. LAST 3 YEARS' INCOME/EXPENSE STATEMENTS with monthly and annual figures.


  3. SUMMARY OF ALL COMMERCIAL OR DEPARTMENTAL LEASES (if any) showing escalations and expirations, as well as a summary of the terms of any franchise agreements.


  4. COMPLETE, DETAILED PHYSICAL DESCRIPTION INCLUDING SQUARE FOOTAGE.


  5. IF ACQUISITION, PROVIDE COPY OF FULLY EXECUTED CONTRACT OF SALE.


  6. IF REFI, PRICE ORIGINALLY PAID FOR PROPERTY, date of purchase and summary of current financing.


  7. PHOTOS, (if available) and website information.


  8. SITE PLAN OR PROPERTY SURVEY.


  9. SUMMARY OF CURRENT FINANCING (refinance only) including:
    • Current lender
    • Current principal balance
    • Current interest rate
    • Current monthly payment
    • Due date
    • Prepayment penalty information

  10. CURRENT FINANCIAL STATEMENT for BUSINESS/ENTITY with Balance Sheet.


  11. LAST 3 YEARS' BUSINESS TAX RETURNS.


  12. BACKGROUND / BIO FOR EACH PARTNER AND FOR THE OWNERSHIP ENTITY EMPHASIZING HOTEL / HOSPITALITY INDUSTRY / REAL ESTATE EXPERIENCE.


  13. BACKROUND / INFORMATION ON MANAGEMENT COMPANY, if separate from ownership.


  14. RENOVATION HISTORY FOR AT LEAST 3 YEARS with project descriptions and approximate amounts of each project.


  15. CURRENT PERSONAL FINANCIAL STATEMENT(S). (for partners who own 20% or more) (If you do not have a recent accountant prepared financial statement, please click here for a PDF form)


  16. LAST 2 YEARS' PERSONAL TAX RETURNS. (for partners who own 20% or more)


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SPECIALTY PROPERTIES

(The need for items # 9-12 will vary according to each situation)

  1. CURRENT RENT ROLL including:
    • SF of units
    • Lease abstract details such as: Escalations, commencement & expirations, add-ons, description of tenant, Description of any added rent that the tenant is responsible for (In addition three years of historical data would be ideal)

  2. COMPLETE INCOME/EXPENSE STATEMENT on the property including:
    • Annual property taxes
    • Insurance
    • Water/Sewer
    • Fuel
    • Electricity
    • Maintenance/Repairs
    • Management
    • CAM
    • Leasing commissions, tenant improvements

  3. COMPLETE, DETAILED PHYSICAL DESCRIPTION along with SITE PLAN or Property Survey.


  4. IF ACQUISITION, PROVIDE COPY OF FULLY EXECUTED CONTRACT OF SALE.


  5. IF REFI, PRICE ORIGINALLY PAID FOR PROPERTY, date of purchase and summary of current financing.


  6. PHOTOS, if available.


  7. SUMMARY OF CURRENT FINANCING (refinance only) including:
    • Current lender
    • Current principal balance
    • Current interest rate
    • Current monthly payment
    • Due date
    • Prepayment penalty information

  8. INFORMATION ON MANAGEMENT COMPANY, IF SEPARATE FROM OWNERSHIP.


  9. CURRENT PERSONAL FINANCIAL STATEMENT (where applicable) (If you do not have a recent accountant prepared financial statement, please click here for a PDF form)


  10. CURRENT BUSINESS FINANCIAL STATEMENT (where applicable)


  11. LAST TWO (2) YEARS' PERSONAL TAX RETURNS (where applicable)


  12. LAST TWO (2) YEARS' BUSINESS TAX RETURNS (where applicable)


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PARKING GARAGE

(If there is more than one location, please provide requested info for each of the properties):

  1. COPIES OF ALL LEASES including any modifications and amendments.


  2. PROPERTY OPERATING STATEMENTS FOR THE PAST THREE YEARS including a rent roll as of the application date, and a statement of the estimated year-to-date profit and loss for the current year.


  3. A BALANCE SHEET for the last calendar year end for the ownership entity.


  4. Current real estate tax bills or receipts.


  5. PROPERTY SURVEY OR SITE PLAN.


  6. PROPERTY LEGAL DESCRIPTION including any encumbrances affecting the mortgaged premises.


  7. PHYSICAL DESCRIPTION OF REAL ESTATE including gross building area, information about the construction and building systems (HVAC, etc.). Also a list of any major renovated building items over the past three years (if any) and their approximate cost.


  8. BORROWER AND PRINCIPAL INFORMATION including identity and ownership percentages of the Principals and major partners, personal financial statements of Principals, and resume(s) of Principal(s).


  9. PARKING MANAGEMENT EXPERIENCE OF OPERATOR.


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