Step 3: Close on Short-Term Construction Loan

Step 3: Close on Short-Term Construction Loan

In order to close on your CLP loan, you must complete the following steps:

  • Engage your bond counsel. Have them communicate with the I-Bank's bond counsel;
  • Submit your short-term Financial Addendum Form (your Bond Counsel prepares);
  • Submit your engineering contract;
  • Submit Form LP-6A which details the project cost breakdown per sub-agreement. On the form, you will provide the name, contract description, allowable cost and total cost for the project's contractors.

Subsequent to loan closing you will proceed to pay your engineering consultant to prepare the environmental planning document and engineering design.

Step 3: Close on Short-Term Construction Loan
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NEW JERSEY INFRASTRUCTURE BANK APPLICANT'S GUIDE