Fillable Condominium Project Questionnaire Short Form (Silver Hill Funding)

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Condominium Project Questionnaire Short Form (Silver Hill Funding)

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SHF Condo Project Questionnaire Form V1.3 Page 1 of 4
Condominium Project Questionnaire – Short Form
Instructions
Lender: Complete the first table below and enter the date on which the form should be returned to you.
Condominium Association or Management Company: This form has been sent to you on behalf of an individual seeking
mortgage financing to purchase or refinance a unit in this project. The mortgage lender requires this information to determine
the eligibility of the project for mortgage financing purposes. Please complete and return this form by [enter date] ___________
to the lender
listed below. Any questions should be directed to the lender contact.
Lender Name Lender Phone Number
Contact Name Lender Fax Number
Lender Address Lender Email Address
I: Basic Project Information
1. Project Legal Name
2. Project Physical Address
3. Condominium Management Address
4. Condominium Association Name
(if different from Project Legal Name)
5. Condominium Association Tax ID #
6. Management Company Tax ID #
7. Name of Master or Umbrella Association
(if applicable)
8. Does the project contain any of the following (check all that apply):
Deed or resale restrictions
Mandatory fee-based memberships for use of project amenities or services
Non-incidental income from business operations
Provide additional detail here, if applicable (optional):
SHF Condo Project Questionnaire Form V1.3 Page 2 of 4
II: Project Completion Information
Answer all questions below: Yes No
1. Is the project 100% complete, including all construction or renovation of units,
common elements, and shared amenities for all project phases?
2. Is the project subject to additional phasing or annexation?
3. Has the developer transferred control of the Condominium Association unit
owners?
If yes, date of
transfer:
If no, estimated
date of transfer:
4. Are 90% or more of the units conveyed (sold or closed) to unit purchasers?
III: Financial Information
1.
In the event a lender acquires a unit due to foreclosure or a deed-in-lieu of foreclosure, is the mortgagee
responsible for paying delinquent common expense assessments? Yes* No
*If
Yes, for how long is the mortgagee responsible for paying common expense assessments? (select one)
1 to 6 months 7 to 12 months
more than 12 months
2. Is the Association involved in any active or pending litigation?
Yes*
No
*If
Yes, attach a documentation regarding the litigation from the attorney or the HOA. Provide the attorney’s
name and contact information:
Name: Phone:
IV: Ownership & Other Information
1. Complete the following table if more than one unit is owned by the same individual or entity.
Individual/Entity Name
Developer or
Sponsor
Number of
Units
Owned
Percentage
Owned of Total
Project Units
Number
Leased at
Market Rent
Leased Under
Yes No
%
Yes No
%
Yes No
%
Yes No
%
SHF Condo Project Questionnaire Form V1.3 Page 3 of 4
2. Are any units in the project used for residential purposes? Yes* No
*If Yes, complete the following:
Type of Residential Use Name of Owner or Tenant
Number of
Units
Square
Footage
% Square Footage
of Total Project
Square Footage
%
%
%
%
3. What is the total square footage of residential space vs. total square footage of commercial space?
Include above and below grade space used for residential purposes, such as apartments.
Tot
al square footage of residential space:
V: Insurance Information & Financial Controls
1. Are units or common elements located in a flood zone? Yes No
If Yes, floor coverage is in force equaling (select only one option below):
100% replace cost
Maximum coverage per condominium available under the National Flood Insurance Program
Some other amount: $
2. Check all of the following that apply regarding Condominium Association financial accounts:
COA maintains separate accounts for operating and reserve funds.
Appropriate access controls are in place for each account.
The bank sends copies of monthly bank statements directly to the Condominium Association.
Two members of the Association Board of Directors are required to sign any check written on reserve
accounts.
The Management Company maintains separate records and bank accounts for each Association that
uses its services.
The Management Company does not have the authority to draw checks on, or transfer funds from, the
reserve account of the Association.
SHF Condo Project Questionnaire Form V1.3 Page 4 of 4
3. Supply
the information requested. Do NOT enter “contact agent”.
Type of Insurance Carrier/Agent Name
Carrier/Agent
Phone Number
Policy Number
Hazard
Liability
Fidelity
Flood
VI: Contact Information
Name of Preparer
Title of Preparer
Preparer’s Company Name
Preparer’s Phone
Preparer’s Email
Preparer’s Company Address
Date Completed
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Condominium Project Questionnaire Short Form (Silver Hill Funding)

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Completed 7 March 2021

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