All banksRotation position #1
Bank profile
Gulf Coast Bank & Trust
Most flexible on spec inventory count. Dana will hold rate for 30 days if we give her a heads up before committee Tuesday.
Commitments
$4.85M
Outstanding
$2.61M
Deposits
$1.24M
Capacity Left
$5.39M
Avg Draw Funding
3.9 days
96% on time
Contacts
Relationship bankerDana Whitfield
UnderwriterPriya Raman
Construction loan contactMarcus Bell
Draw contactErin Duplessis
dwhitfield@gulfcoastbt.com
(504) 555-0148
draws@gulfcoastbt.com
Terms & Structure
Typical ratePrime + 0.50%
LTC85%
LTV75%
Equity requirement15% cash equity
RecourseFull recourse, personal guaranty
Interest reserve12 months required
Typical closing time19 days
Typical draw turnaround4 days
Process Requirements
Inspections3rd-party inspection each draw
AppraisalAs-completed appraisal at closing
Avg inspection time2.8 days
Financial covenants
- Min liquidity $500K
- Max leverage 3.0x
- Min tangible net worth $4.5M
Reporting
Quarterly company financialsAnnual tax returnsMonthly job cost report
Underwriting Requirements
14 items · vault coverage
Company P&L
Company Balance Sheet
Personal Financial StatementExpiring Soon
Tax Returns (2 yrs)
Entity Documents
Builder License
Insurance CertificateExpiring Soon
Project Budget
Plans
Specifications
Appraisal
Construction ScheduleNeeds Refresh
Sources & Uses
Guarantor Information
Active Loans
3 projects · 14 historical
Recent Communication
- Dana WhitfieldAug 11
Confirmed committee has capacity for one more spec this quarter.
- Erin DuplessisJul 29
Draw #3 on 124 Oak funded in 4 days, inspection was clean.
- Priya RamanJun 18
Asked for updated PFS with the Magnolia land purchase reflected.
Attachments
Gulf Coast Term Sheet – 124 Oak.pdfJan 22
Draw Request Form (bank template).xlsxNov 4