ALF Loan Document Checklist: Complete Application Guide

Having the right documents ready streamlines your ALF loan application and speeds up the approval process. Use this comprehensive checklist to prepare for your financing request.

Borrower/Guarantor Documents

Personal Information

• [ ] Government-issued ID - Driver's license or passport
• [ ] Social Security card - For credit check authorization
• [ ] Resume/CV - Highlighting relevant experience
• [ ] Authorization forms - Credit check, background check

Financial Statements

• [ ] Personal Financial Statement (PFS)

  • Assets and liabilities
  • Income sources
  • Real estate holdings
  • Business interests
  • Dated within 90 days

• [ ] Personal Tax Returns (2-3 years)

  • All schedules and K-1s
  • W-2s if applicable
  • Extensions if filed

• [ ] Bank Statements (3-6 months)

  • All accounts
  • Source of down payment
  • Liquidity verification

Business Documents

• [ ] Business Tax Returns (2-3 years)

  • All related entities
  • All schedules

• [ ] Business Financial Statements

  • Balance sheet
  • Income statement
  • Cash flow statement

• [ ] Entity Documents

  • Articles of incorporation/organization
  • Operating agreement/bylaws
  • Ownership certificates
  • Good standing certificates

Property Documents

Ownership and Legal

• [ ] Purchase Agreement (if acquisition)

  • Fully executed
  • All amendments
  • Earnest money receipt

• [ ] Current Deed

• [ ] Title Report/Commitment

• [ ] Survey (ALTA preferred)

• [ ] Zoning Confirmation

• [ ] Certificate of Occupancy

Licensing and Regulatory

• [ ] State License

  • Current and valid
  • All endorsements
  • Bed count verification

• [ ] Survey Reports (2-3 years)

  • State surveys
  • Deficiency reports
  • Plans of correction

• [ ] Fire Marshal Inspection

• [ ] Health Department Permits

• [ ] Business License

Insurance

• [ ] Current Insurance Policies

  • Property insurance
  • General liability
  • Professional liability
  • Workers' compensation
  • Umbrella coverage

• [ ] Insurance Loss History (5 years)

• [ ] Insurance Certificates

Financial Documents

Operating History

• [ ] Profit & Loss Statements (3 years)

  • Monthly detail preferred
  • Year-to-date current year
  • Trailing 12 months

• [ ] Balance Sheets (3 years)

  • Year-end statements
  • Current interim

• [ ] Cash Flow Statements

Revenue Documentation

• [ ] Rent Roll

  • Current (within 30 days)
  • Unit/bed number
  • Resident name
  • Move-in date
  • Monthly rate
  • Care level
  • Payer source

• [ ] Rate Schedule

  • Base rates
  • Care level fees
  • Ancillary charges
  • Rate history

• [ ] Occupancy History (3 years)

  • Monthly occupancy
  • By unit type
  • By care level

Expense Documentation

• [ ] Expense Detail

  • Payroll breakdown
  • Vendor contracts
  • Utility bills
  • Insurance invoices

• [ ] Accounts Payable Aging

• [ ] Accounts Receivable Aging

Budget and Projections

• [ ] Current Year Budget
• [ ] Pro Forma Projections (if required)
  • Revenue assumptions
  • Expense assumptions
  • Capital expenditure plan

Third-Party Reports

Appraisal

• [ ] Appraisal Report
  • MAI appraiser
  • Lender-approved
  • Within 6-12 months
  • Includes:
    • Income approach
    • Sales comparison
    • Cost approach (if applicable)

Environmental

• [ ] Phase I Environmental Site Assessment

  • ASTM compliant
  • Within 6-12 months
  • Qualified environmental professional

• [ ] Phase II (if recommended)

  • Soil/groundwater testing
  • Remediation plan (if needed)

Property Condition

• [ ] Property Condition Assessment (PCA)
  • Physical inspection
  • Deferred maintenance
  • Capital needs assessment
  • Remaining useful life

Other Reports

• [ ] Seismic Report (if applicable)
• [ ] Flood Certification
• [ ] ADA Compliance Review

Loan-Specific Documents

HUD 232 Additional Requirements

• [ ] HUD Application Forms

  • Form 92013 (Application)
  • Form 92264 (Underwriting)
  • Form 92264-A (Supplement)

• [ ] Management Agreement

  • HUD-approved form
  • Approved management agent

• [ ] Regulatory Agreement

• [ ] Previous Participation Certificate

• [ ] Affirmative Fair Housing Marketing Plan

SBA 7(a) Additional Requirements

• [ ] SBA Forms

  • Form 1919 (Borrower Information)
  • Form 1920 (Lender's Application)
  • Form 912 (Personal History)

• [ ] Business Plan

  • Executive summary
  • Market analysis
  • Management team
  • Financial projections

• [ ] Franchise Agreement (if applicable)

• [ ] Lease Agreement (if applicable)

Construction Loan Additional Requirements

• [ ] Plans and Specifications

  • Architectural drawings
  • Engineering plans
  • Specifications

• [ ] Construction Budget

  • Hard costs
  • Soft costs
  • Contingency

• [ ] Construction Schedule

• [ ] General Contractor Information

  • License
  • Insurance
  • Financial statements
  • References

• [ ] Construction Contract

  • AIA or equivalent
  • GMP or lump sum

• [ ] Permits

  • Building permit
  • Other required permits

Acquisition-Specific Documents

Seller Documents

• [ ] Seller's Financial Statements (3 years)
• [ ] Seller's Tax Returns (3 years)
• [ ] Seller's Rent Rolls (historical)
• [ ] Seller's Disclosure Statement

Transaction Documents

• [ ] Letter of Intent
• [ ] Purchase and Sale Agreement
• [ ] Assignment of Contracts
• [ ] Bill of Sale (personal property)
• [ ] License Transfer Application

Refinance-Specific Documents

Existing Loan Documents

• [ ] Current Loan Documents

  • Note
  • Mortgage/deed of trust
  • Loan agreement

• [ ] Payoff Statement

• [ ] Payment History

• [ ] Prepayment Calculation

Document Preparation Tips

Organization

Best Practices:

1. Create digital copies of everything
2. Organize by category
3. Label files clearly
4. Use consistent naming conventions
5. Keep originals secure

Quality

Ensure Documents Are:

• Legible and complete
• Properly signed and dated
• Current (within required timeframes)
• Consistent with other documents

Timing

Prepare Early:

• Start gathering 30-60 days before application
• Order third-party reports early
• Update financial statements as needed
• Anticipate lender requests

Common Document Issues

Problems to Avoid

• [ ] Missing pages or schedules
• [ ] Unsigned documents
• [ ] Outdated information
• [ ] Inconsistent data between documents
• [ ] Poor quality copies
• [ ] Missing explanations for anomalies

How to Address Issues

If Documents Are Missing:

• Request from appropriate source
• Provide explanation if unavailable
• Offer alternative documentation

If Information Is Inconsistent:

• Identify discrepancies
• Provide written explanation
• Reconcile differences

Checklist by Loan Type

Quick Reference

Related Resources

• FAQ: ALF Financing
• Loan Application Process
• Due Diligence Guide
• HUD 232 Requirements