📄️ Introduction
This section provides explanations and examples of documents required for Plan and Cost reports.
📄️ ALTA Site Survey
An ALTA survey is a detailed land survey that maps property boundaries, improvements, and easements per ALTA/NSPS standards. Required for commercial real estate transactions, it ensures clear ownership, identifies encumbrances, and meets lender and title insurance requirements. The survey must be certified by the lender.
📄️ Architect's Qualification Statement (AIA B305)
An Architect's Qualification Statement (AIA B305) provides detailed information about an architect's experience, capabilities, and financial stability. This document assesses the architect's qualifications to ensure they are capable of delivering a project that meets design, compliance, and quality standards, reducing the risk of delays or deficiencies.
📄️ Design Professional Acknowledgement of Code Compliance
A Design Professional Acknowledgement of Code Compliance, or Architect's Certification, is a formal document in which the architect or design professional certifies that the project’s drawings and specifications comply with all applicable state, local, energy, and ADA codes. It assures that the project adheres to regulatory standards and minimizes risks of non-compliance.
📄️ Contractor's Payment and Performance Bond
A Contractor's Payment and Performance Bond guarantees the contractor will complete the project and pay all subcontractors and suppliers, protecting the construction loan from risks like default, delays, or liens. If required by the lender, copies should be sent to the consultant for review. If the bonds are not executed before loan closing, draft copies must also be provided.
📄️ Contractor's Qualification Statement (AIA 305)
A Contractor's Qualification Statement (AIA A305) is a standardized document used to assess a contractor's financial stability, experience, and ability to complete a project. It is required for construction loans to evaluate the contractor's qualifications and mitigate risks associated with project completion and loan repayment.
📄️ Design Documents
The following Design documents are required.
📄️ Evidence of Insurance
The following are documents that verify that the borrower or contractor has adequate insurance coverage, protecting the financial interest in a construction loan by mitigating potential risks during the project. This ensures that liabilities, damages, or unforeseen events are covered, reducing the exposure to loss.
📄️ Evidence that Site is not in Flood Hazard Zone
A Flood Zone/Elevation Certificate is a document that verifies whether a property is located within a 100-year flood zone and provides elevation details to assess flood risk. This certificate is to ensure the property is not at high risk of flooding, which could impact the project's viability and collateral value.
📄️ Evidence of Zoning Compliance
CMC requires the owner to produce documentation from the Municipality affirming that the project is zoned for intended use. A building permit cannot be substituted as evidence of zoning.
📄️ Geotechnical Soil Report
CMC recommends the report to include Site and Foundation construction recommendations. Test Pit Observations and Soil Proctors alone do not constitute a geotechnical evaluation. The NYS Uniform Building Code requires a Geotechnical Report to be furnished to the Municipality as a condition of permit issuance. Practices vary depending upon municipality requirements and project type. If a Geotechnical Report is not required by the Municipality, the Design Professional of Record must furnish a letter to CMC affirming that a Geotechnical Report is not required.
📄️ Hard Cost Budget Breakdown
The Developer and/or Contractor must submit a detailed hard cost breakdown of the proposed work. If multiple buildings or sites are part of the overall project make-up, separate estimates must be furnished. CMC advises that overhead, profit, and general requirement documents be separate.
📄️ Overall Project Cost Summary (to include all hard and soft costs)
The Developer and/or Contractor must submit a detailed cost breakdown of the proposed work. If multiple buildings or sites are part of the overall project make-up, separate estimates must be furnished. CMC advises that overhead, profit, and general requirement documents be separate.
📄️ Permits
- Building Permit
📄️ Phase I Environmental
A Phase I Environmental Site Assessment (ESA) is a detailed investigation that identifies potential environmental risks, such as contamination or hazardous materials, on a property. Banks require this assessment for construction loans to ensure the property is free of liabilities that could impact its value or pose financial and legal risks to the lender. If the Phase I identifies potential issues, a Phase II ESA, which includes more in-depth testing and analysis, must also be conducted and furnished to address these concerns.
📄️ Physical Needs Assessment Report
Should the project involve unit rehabilitation, a Physical Needs Assessment is generally produced to provide a baseline of what items require replacement. It is important that this report be furnished to CMC to determine all recommend replacements have been incorporated into the design documents.
📄️ Project Manual
Project specifications, or the project manual, are detailed documents outlining the materials, workmanship, and quality standards required for construction. These ensure the project meets industry standards, mitigates risk, and confirms that funds are used to achieve the intended scope and quality.
📄️ Project Schedule
A project schedule is a detailed timeline provided by the contractor outlining key construction milestones, including phased unit turnover dates if applicable. The main goal is to monitor progress, ensure timely completion, and align funding disbursements with the project's timeline.
📄️ Standard Agreement Between Owner and Architect
The Standard Agreement Between Owner and Architect outlines the roles, responsibilities, and scope of services provided by the architect during a construction project. This agreement ensures that a licensed professional is overseeing the design and construction process, providing accountability, quality assurance, and progress documentation critical for loan disbursement and project completion.
📄️ Standard Agreement Between Owner and Contractor
The Standard Agreement Between Owner and Contractors is a formal contract outlining the responsibilities, scope of work, and terms of the construction project. Fully executed contracts (including exhibits and addenda) should be provided to ensure the project is clearly defined, adequately managed, and financially safeguarded, particularly when multiple contractors or subcontracts are involved.
📄️ Statement of Special Inspections
The NYS Uniform Building Code requires a Statement of Special Inspections to be furnished by the Design Professional of Record (DPR) to the Municipality as a condition of permit issuance. Practices vary depending upon municipality requirements and project type.
📄️ Storm Runoff Permit
A Storm Runoff Permit is required to manage and regulate stormwater discharge from construction sites, ensuring compliance with environmental standards and preventing pollution. This permit helps mitigate environmental risks tied to construction loans and ensures projects meet local and state regulations. If a municipality requires a Stormwater Runoff Permit or Stormwater Runoff Prevention Permit, these must be submitted to CMC.
📄️ Subcontractor List with Contact Information
CMC requires a list of any and all subcontractors, their phone numbers, and their trade.
📄️ Utility Will-Serve Letters
Utility Will-Serve Letters are formal confirmations from utility service providers stating that a project will be connected to essential services, such as water, electricity, communications, and gas. These letters are crucial for construction, as they ensure the project's viability and confirm that necessary infrastructure will be available to support the development.