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Real
Estate Developers Subdivision Completion Bonds.
For Commercial and Residential Developments... instead of Letters of
Credit
How to Apply:
STEP 1
Go to New User / Registration to apply. (At the "Type of Business"
Field select Real Estate Development). Submit the completed application.
STEP 2
Please fax / mail the following additional underwriting information for
subdivision bonds:
- Two Years Corporate
financial statements for the parent development company (or any affiliated
companies controlled by the equity owners of the development entity).
- Personal Financial
statement of the individual owners or partners of the development entity.
- Reduced copy of
the approved subdivision engineering or plot plan.
- Sales / Marketing
Brochures describing development, economic projections (i.e. land acquisition
and hard costs, soft costs, number of lots, sales price, etc) financing
commitment letters from Bank.
- Worksheets / Estimates
from the Municipality or County showing the required amount of the bond
or security.
- Contractor Cost
Estimates for the work subject to the bond.
- Any Agreement with
the County or Municipality controlling the development, stipulating
requirements or defining the bond requirements.
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