All banksRotation position #2
Bank profile
Riverbend Community Bank
Fastest closer we have. Small hold limit — max $1.2M per project.
Commitments
$2.75M
Outstanding
$1.31M
Deposits
$860K
Capacity Left
$3.69M
Avg Draw Funding
3.2 days
97% on time
Contacts
Relationship bankerAlan Meeks
UnderwriterNina Osei
Construction loan contactAlan Meeks
Draw contactNina Osei
ameeks@riverbendcb.com
(504) 555-0192
draws@riverbendcb.com
Terms & Structure
Typical rateFixed 7.25%
LTC82%
LTV75%
Equity requirement18% cash equity
RecourseFull recourse
Interest reserve6 months required
Typical closing time16 days
Typical draw turnaround3 days
Process Requirements
InspectionsInspection every other draw
AppraisalAs-completed appraisal
Avg inspection time2.2 days
Financial covenants
- Min liquidity $300K
Reporting
Annual financialsAnnual tax returns
Underwriting Requirements
10 items · vault coverage
Company P&L
Company Balance Sheet
Personal Financial StatementExpiring Soon
Tax Returns (2 yrs)
Entity Documents
Insurance CertificateExpiring Soon
Project Budget
Plans
Appraisal
Sources & Uses
Active Loans
3 projects · 7 historical
Recent Communication
- Alan MeeksAug 4
Asked for two more deals this year.