Navigating business financing can feel overwhelming, especially when you’re planning a construction project. You’ve got the vision. Now it’s time to lay the foundation. This checklist will help you gather the right documents, stay organized, and move forward with confidence. Because when it comes to building something new, preparation is everything.
What documents do I need for a construction loan?
To secure a construction loan, you’ll need a mix of financial and project-specific documents. Think of it as telling the full story of your business’s financial health, your personal financial standing and your construction plans.
Here’s what to expect:
- Two years of business and personal tax returns
- Business financial statements and a debt schedule
- A detailed construction budget and architectural plans
- Information about your general contractor
Having these ready upfront helps your lender understand your goals and guide you through the process more efficiently.
Why a solid blueprint is your first step
A construction loan checklist is more than paperwork, it’s your roadmap. Just like a builder wouldn’t break ground without a plan, a lender can’t move forward without a clear picture of your finances and your project. Getting organized early shows that you’re serious about your project and sets the tone for a smooth experience. It also helps avoid delays, so you can focus on what matters: building your future.
3 core document categories
Every lender is a little different, but these are the essentials we look for:
- Business Financials
- Two years of business tax returns
- Balance sheets and profit & loss statements
- A completed business debt schedule
- Personal Financials
- Two years of personal tax returns
- Personal financial statement
- A list of personal assets and liabilities
- Construction Documents
- Architectural plans and specifications
- A comprehensive construction budget
- A signed contract with your general contractor
- Contractor’s license, resume and references
Partnership from day one
At Live Oak Bank, we’re here to simplify the process and support you every step of the way. We know construction loans can feel complex, but we’ll help you break it down and build it up. Our team combines deep industry expertise with a genuine commitment to your success. When you work with us, you’re not just getting a lender, you’re gaining a partner. For a robust construction checklist, be sure to download our guide here.
FAQs
Q: What if I don’t have all the documents yet?
A: No problem. We’ll walk through the checklist together and help you get organized. Our goal is to make the process clear and empowering—not intimidating.
Q: How long does the construction loan process take?
A: Every project is different, but being prepared can speed things up. A complete application helps us evaluate your loan faster and move toward funding without unnecessary delays.
Q: Should I apply for a construction loan before or after groundwork?
A: The strong recommendation from lenders and construction experts is to apply for and close on your construction loan before any significant groundwork or construction begins.
