Transaction Summary
q
PetroMAC Loan Questionnaire (Previously filled out)
q
Executive Summary
(purpose of loan with history of business)
q
Estimated Use of
Proceeds (Previously filled out)
q
Purchase Agreement
(Signed and executed)
q
Photos of Property
q
Fuel Supply
Agreement
q
Pro forma projection with
assumptions for 1st 2 years including anticipated
gallonage
q
Secondary Financing
Agreement (Fuel Supplier/Seller, If Applicable)
q
Articles of
Incorporation & Federal By-Laws for company to be financed
q
Copy of Recent
Appraisal, Survey, and Environmental Report, if available
Borrower/Buyer Information
q PetroMAC Loan Questionnaire
(Previously filled out)
q
Management Resume (for all who own 20%+ of business) (Previously filled out)
q
Personal
Financial Statement dated within 30 days (for all who own 20%+) (Previously filled out)
q
Last Three Years
Personal Federal Tax Returns (for all who own 20%+)
q
Copy of drivers
license, social security card or passport and green card front & back (if applicable)
q
Complete last 3
years corporate federal taxes, three year financials and YTD financials on all affiliates
(If applicable)
q
Gallonage for all
affiliates for past 3 years and YTD (If applicable)
q
Last Three Months
Bank Statements (Or show source of equity infusion)
q
Personal Income and
Expense Analysis (for all who own 20%+)
Supplemental
Requirements Construction Financing Form
Due to the special nature of construction financing, there are certain
prerequisites and additional requirements for loans where a significant amount ($125,000
or 30% or more) of loan proceeds will be used for new construction, substantial rehab or
redevelopment of real property. The follow
list is typical of most construction financing but is not necessarily all-inclusive and is
in addition to PetroMAC’s requirements which are applicable to all
loans. Each of the below documents or
information must be in form and content acceptable to PetroMAC and on terms and
conditions and in form and substance consistent for the construction project involved and
accepted within the industry. The list is
organized into three major phases:
I.
Prior to
Loan Closing
II.
Construction
III.
Completion of Construction
I. Prior to
Loan Closing
A. Information about the Construction or the
Improvements
•
FINAL Plans
and Specifications (2 copies) –one copy is for PetroMAC’s use and
one copy is forwarded to a construction consulting or monitoring firm hired by PetroMAC
for their review prior to loan closing and monthly site visits during construction.
•
FINAL
Construction Budget detailing both the hard and soft costs necessary to construct
the Project Improvements
•
FINAL
Construction Schedule detailing the time-frame for completion of each phase of
construction.
•
Building
Permits and any other licenses or local, state, or federal government approvals
required or needed for construction or use of the property.
•
Architect’s
Contract in form and substance standard for the industry.
•
Architect’s
Certificate or other evidence that the Improvements as completed will comply with
all applicable zoning, planning,
•
Utility
Service Letters – for new construction – a letter from each required
utility (water, sewer, gas, electric, phone) that service is currently available to the
property or will be brought to the site.
•
Access or
Easement Agreements if any are necessary during construction.
B.
Contractor Information
•
Contractor
Qualification Statement – AIA form A305 or other format which details the
Contractor’s financial strength, experience, license, bank and trade references. If necessary, additional financial and credit
information may be required, including permission to do a credit statement.
•
Contractor
Statement and Authorization to allow PetroMAC to verify Contractor’s
qualifications.
•
FINAL Fixed
Price Construction Contract – the final construction cost as detailed in the Final
Construction Budget must be covered
by a fixed price contract with no
allowances or exclusions.
•
Other
Construction Contracts including
major subcontracts.
•
Payment and
Performance Bond as may be required by SBA and/or PetroMAC. PetroMAC
will underwrite the General Contractor to determine the need for a bond.
•
Builder’s
Risk Insurance including course of construction endorsement, worker’s
compensation insurance and liability insurance (minimum of $1,000,000 coverage).
C.
Legal Documentation
These are form documents which will be prepared by PetroMAC and
forwarded for signature prior to loan closing. These
are in addition to the normal loan documents (e.g., promissory note, mortgage, etc). Some
of these documents will require the signature of the contractor, architect and others
involved in the construction.
•
Construction
Financing Agreement
•
Construction
Security Agreement (SBA Form 1059)
•
Contractor’s
Agreement
•
Assignment of
Construction Contract
•
Contractor’s
Indemnity Agreement (Title Company Form)
•
Assignment of
Architect’s Agreement
•
Agreement of
Compliance (SBA Form 601) – separate agreements from the Borrower and General
Contractor
•
ALTA
Construction Title Policy and Trust and Construction Escrow Agreement – Title
Company form with required endorsements – PetroMAC requires all construction
funding through an approved title company.
•
Soils Report
for new construction used to design the building foundation.
•
SitePlan/Development
Map
•
Plan and Cost
Review – prepared by a construction consulting firm hired by PetroMAC
•
Payment of
Construction Administration Fee – Typically 1.5% of the total cost of
construction to cover third-party and PetroMAC administrative costs during the
construction phase. The borrower will incur
only the actual charges.
II. Construction
• Disbursement
Requests – The specific requirements will be detailed in the PetroMAC Disbursement Procedures but will
generally conform to those items listed below. Only
one construction per month will be allowed
•
Owner’s
Sworn Statement approving payment to the general contractor and other major
contractors.
•
Contractor’s/Subcontractor’s
Sworn Statement detailing the amounts to be paid directly to each
subcontractor or other person performing work or providing material to the project. This statement must be accompanied by appropriate
supporting documentation (e.g., invoices).
•
Lien
Waiver/Contractor Affidavit – Interim lien waivers required with each draw
request and final, unconditional waivers required with final disbursement.
•
General
Contractor’s Application for Payment AIA
Form G702 and G703
•
Settlement
Sheet (SBA Form 1050)
•
Change Orders
AIA Form G701 – All change orders are subject to approval.
•
Construction
Progress Report - PetroMAC’s
construction consulting firm will visit the site once a payment request has been received
and will review the progress and quality of the work and approve payment.
•
Foundation
Endorsement – Upon completion of the foundation to ensure no encroachments.
III. Completion
•
Notice of
Completion – Contractor’s valid and filed notice of record.
•
Architect’s
Certificate of Completion
•
Governmental
Approvals – Certificate of Occupancy and all other required approvals.
•
Final Lien
Releases
•
Final Title
Policy including lien-free endorsement
•
Final
Construction Progress Report from PetroMAC’s
construction consulting firm verifying completion.
•
Property
Casualty and Liability Insurance evidence that the appropriate insurance coverage
is in effect at the time the property is put into use.
•
As-Built
Survey – except California projects, upon completion, an As Built Survey, certified
to PetroMAC, borrower and title company, evidencing the final structure, including,
but not limited to easements, utility lines, et.al.
When appraisals are ordered, the Appraisal Questionnaire is filled out before ordering the appraisal. This usually cuts down the time to have the appraisal done significantly. The form should be thoroughly filled out.
To pre-qualify for financing, download the following forms and provide the following information and fax to
(202)478-1811 or email to fixed@petromac.com:
So what are you waiting for? You can conveniently apply online for a loan here
or download the prequalification form here.
First time inquiries should inquire at info@petromac.com. Let us prove to
you that PetroMAC truly “pumps capital into YOUR C-store”
(202)478-0230 Voice
(202)478-1811 Fax
http://petromac.com
info@petromac.com
