What type of plans are needed?

The types of plans needed will depend on the project you are doing. In some cases, plans will not be needed.

Plans not needed: For a lot of projects where the extent of the work will be all internal rehab work, plans in most cases will not be needed especially if there will be no change to the floor plan or outside (elevation) of the property. In lieu of plans, a good project overview or specifications will be needed to provide the appraiser with the level of detail he/she will need to complete then appraisal.

Plans needed: For new builds or major rehabs where there will be changes in the floor plan and/or elevation, plans will be required. The type of plans required are typically referred to as the “bank set”. This is generally the first set of plans developed that show the floor plans and elevations with dimensions. The lender will not need the “permit set” or final plans for the appraisal. Additionally, the PDF version is acceptable as well as opposed to the full, large scale drawings. Essentially the appraiser needs to have information to be able to understand how big the hoi me will be and the details of ther home to properly appraise the home.

In additional to the plans a nice detailed list of specifications is always recommended (showing the details of the project ) to give the appraiser as much information as possible to give you the best chance for a successful appraisal.

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CHICAGO CONSTRUCTION LOANS

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