Planned Unit Development Loans: 

Whether you are building a starter condo or a high end ocean front townhome,'s Planned Unit Development Loan can fund your dream into a reality. Experienced well qualified developers will find that is an expert at financially modeling the transaction you are proposing considerate of maintaining a balance of liquid reserves vs required starts vs NRF's Loan to Cost Funding Matrix. The correct financial model will help the developer plan the manpower and materials needed while reducing the overall interest cost of the project. likes the proposed units to fall into the mid range of the market offerings, and not have a DOM that exceeds 90 days. encourages developers looking to build for that starter market to apply, and enjoy a rate and origination discount for keeping those units affordable. Preferable the developer has broken the development into multiple buildings, but if it is a planned multi-story build, we still may have interest and a path forward to funding. Projects that are in the top third of the market may also be considered but require a larger profit percentage, and may cause a lower low to cost. 

The Planned Unit Development Loan Program will consider the developer's life time experience, but will heavily weigh upon the prior 36 months. We are looking for developer's that can show a proven track record of building and selling or refinancing like kind development projects. If the requested loan exceeds the developer's prior money management experience by 20% or more, NRF may reduce the loan to cost factor involved in the deal. Projects must be shovel ready, as roadwork, utility connections, etc, cannot be considered for financing on the Planned Unit Development Loan program. 

Projects ranging in size from $500,000 to $25,000,000 can be considered. Projects must be shovel ready, with all entitlements in place, even though pending approval permits are OK. Whether your project is 2 units, or 200 units can financially model the Planned Unit Development Loan to meet your projects needs. 

Documents Requested: 


1. ID / DL 

2. Personal Financial Statement 

3. 3 Months of Asset Statements 

4. Real Estate Resume - Lifetime with a focus on most recent 36 months.

5. REO Schedule 

Business Entity: 

1. Articles of Formation or Incorporation documentation. 

2. EIN #

3. Operating Agreement or Bylaws 

4. Officer List or Partnership List 

5. Certificate of Good Standing or Business License

Subject Property: 

1. Executive Summary with sources and uses, construction hard and soft costs, examples of finishes, projected timelines, and exit strategy. Executive Summary should contain HOA information. 

2. Financial Projections to include from construction to sale. 

3. HOA Documentation. 

4. Insurance Agent Contact Information, Name, Phone, and Email Address. 

5. Approved or Pre-Approved Permits.

6. Environmental Reports. Phase I, and Soil Testing. 

7. Renderings. 

8. Plat of Survey with APN Separation. 

9. Architect Letter. 

10. Real Estate Attorney Contact information to include name, phone, and email. 

11. Title / Escrow Contact information to include name, phone, and email. 

12. Payoff if there is a mortgage. Good for 30 days with per diem interest charges placed on the payoff. 

13. HUD-1 or Settlement Statement from the purchase. 

14. If it is a purchase, please provide the executed Purchase Contract and evidence of the Ernest money deposit. 

15. Projected Unit Mix. 



FICO Scores: 680 or better.

Networth: 1 to 1 or greater in comparison to the loan request.

Experience: Lifetime experience will be considered but at least 5+ retail exits must have taken place with in the prior 36 months. We are looking for like kind money management experience, and strong track record of exits. 

Liquidity: 15% of the Finalized Loan Amount must be liquid between the sponsor(s) and business entity. 

Loan to Cost Contribution: 20% to 35% of the finalized total project cost. 

Business Entity: 

Business Entity: to be approved by NRF or a single purpose entity to be formulated.

Subject Property: 

Timeframe: Construction to sale timeframe inclusive of the DOM must be completed with in 12 to 18 months. 

Loan Amounts: $500,000 to $25,000,000

Minimum Profitability:  20% after land acquisition, soft and hard construction costs. 

HOA Documentation: All formation documentation must be made available, and the HOA must be fully approved and functional during the term of the loan. HOA will be required to have minimum HOA insurance, and other local, county, and state requirements. 

Entitlements and Zoning: Must be in place or will be approved before any construction funds can be disbursed from escrow. 

Lien Position: must be in 1st lien position with no other subordinate financing allowed. 

Retail Pricing: Individual units should be mid range, not to exceed the top third of the market. 

Unit Sizes: Planned unit sizes must meet conventional Fannie Mae and Freddie Mac guidelines. 

APN Separation / Plat of Survey: APNs must be separated and the Plat of Survey must be current and presented to title and NRF. 

Areas: Urban or Suburban. City must have a population of 100,000 or more. 

DOMs: Properties with in the local most market days on market must not exceed 90 days.