All banksRotation position #6
Bank profile
Magnolia State Bank
Strictest underwriting, best on high-end custom. Wants Buildertrend exports every draw.
Commitments
$3.90M
Outstanding
$1.92M
Deposits
$1.45M
Capacity Left
$4.58M
Avg Draw Funding
5.4 days
84% on time
Contacts
Relationship bankerJill Tanaka
UnderwriterDerrick Pace
Construction loan contactJill Tanaka
Draw contactBeth Crowder
jtanaka@magnoliastate.com
(601) 555-0125
bcrowder@magnoliastate.com
Terms & Structure
Typical rateSOFR + 3.00%
LTC78%
LTV70%
Equity requirement22% cash equity
RecourseFull recourse + cross-collateral
Interest reserve12 months required
Typical closing time27 days
Typical draw turnaround5 days
Process Requirements
Inspections3rd-party inspection each draw
AppraisalAs-completed appraisal, bank-ordered
Avg inspection time3.4 days
Financial covenants
- Min liquidity $500K
- Max leverage 2.75x
Reporting
Quarterly financialsQuarterly job scheduleAnnual tax returns
Underwriting Requirements
16 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
Purchase Agreement
Appraisal
Buildertrend Report
Construction ScheduleNeeds Refresh
Sources & Uses
Guarantor Information
Active Loans
2 projects · 11 historical
Recent Communication
- Derrick PaceJul 21
Wants updated PFS quarterly, not annually.
Attachments
Magnolia State Covenant Certificate.pdfJun 30