What documents does a lender really need – and at what time? This B2B checklist organizes the documents for real estate project financing by assessment stage, document package and project phase. It is aimed at property developers, property developers, investors and property investors.
Status: 24. August 2026 · Technically tested by Jürgen Kronawitter
At a glance: For the first classification, project profile, capital requirements, own funds, project phase, land and approval status, cost and revenue limits as well as sponsor track record are often sufficient. For the loan decision, on the other hand, the lender requires up-to-date, auditable proof of borrower, property, building right, costs, construction contracts, marketing or exit, equity and collateral.
The specific list depends on the asset class, project phase, volume, structure and institution. Financing for an approved residential project with a pre-sale is examined differently than a plot of land without a building right, an operating property or a refinancing in the existing property. Therefore, the following overview is a robust regulatory framework, but not a universal list of requirements.
Early positive feedback is neither a loan decision nor a payment commitment. If you separate the stages, you will deliver enough substance at the right time without overloading the lenders with a disordered full data room.
| Stage | Typical basis | Possible outcome |
|---|---|---|
| 1. First classification | Key parameters, brief description, capital requirements, own funds, phase, location, timetable and exit | Structural fit, open points and next documents; no commitment |
| 2. credit check | Verified credit, property, legal, cost, market, equity and collateral documents | Documented credit decision, refusal or conditional decision |
| 3. Closing and Payment | Signed agreements, security, ranking, equity contributions, permits, insurance and other drawdown conditions | Valuation in full or in agreed tranches |
Alternate practice: For the Non-binding initial estimate First, capital requirements, own funds, location, asset class, project phase, time horizon and a short project description are queried. Only in the case of mutual interest follow conversation, detailed documents and the coordinated investor approach.
The EBA guidelines on lending and monitoring require sufficient, accurate and up-to-date information before the conclusion of the contract. In real estate developments, this includes, among other things, business plan, cost and time planning, approvals, market and sales assumptions, collateral as well as the experience and financial situation of equity investors. Conditions for contract and payment shall be documented in the credit decision.
The term project financing also needs precision: in the market it is often used for any financing of a real estate development. By contrast, the banking supervisory authority understands property/project financing in particular structures whose repayment comes primarily from the income of the financed asset and not from an independent debt servicing capacity of the borrower. The MaRisk version dated 29 May 2024 refers also to own EBA test sections for commercial real estate, real estate development and project financing. This checklist covers the common practical document base; the specific audit trail remains structure-dependent.
A good data room answers not only “What is being built?” but also “Who bears the risk, how much does it cost, when does money flow and how is it returned?”
Organization chart, shareholdings and beneficial owners; commercial registers, articles of association and list of shareholders; financial statements, current BWA with list of sums and balances, tax and banking documents; track record of comparable and list of ongoing projects. For a young project company, liquidity, experience and parallel obligations of the sponsor are particularly relevant.
land register, cadastral map and site plan, purchase contract or draft, information on construction loads and contaminated sites, easements and, where applicable, hereditary building right, declaration of division, plan of division and certificate confirming self-contained units. Published bank lists call for land registers partly three, partly six months – the concrete topicality requirement comes from the lenders.
Approved, dimensioned plans and cuts, living/useful areas and BGF, construction and equipment description, building application, advance decision or building permit, change of use, energy and other project-specific proofs. Open approvals belong in a status list with responsible, next step and appointment.
Sources & Uses, land, construction and construction costs, taxes, sales, construction interest and financing costs, working capital and reserve; timeline, call-off schedule and monthly liquidity. Base case and stress cases should reflect cost overruns, delays, slower sales, and lower prices or rents.
JV/VDC contract or major trade contracts and tenders, scope of services, price fixing, supplementary mechanism, dates, delays, warranties and guarantees. References and credit ratings of key contractors help to assess costs and completion risks. During the construction phase, progress and cost controller reports are added.
Location and demand documents; for sales unit/price list, sales plan, reservations or notarial contracts and pre-sale stand; for inventory tenant list, contracts, vacancy and anchor tenant. Repayment and possible refinancing must be traceable with verifiable values, quantities and dates.
Desired tranche, maturity, ranking and repayment, existing loans and term sheets, origin and timing of the equity, shareholder loans and subordinations and a collateral concept. This may include liens, assignments, accounts, guarantees, insurance and creditor valuations.
Banking Practice for Counter Reading: The Sparkasse Rhein-Nahe as of February 2026, lists credit, property and business documents for non-consumers. The Sparkasse Ansbach supplements for property developers, among other things, approval, sharing, cost and schedule planning, marketing, MaBV topics, equity, references and construction contracts.
Not every point is required in every structure. Mark existing documents, mark open evidence and match the final list with a bank, debt fund or finance advisor.
Example of institution-dependent requirements: The Kreissparkasse Groß-Gerau, as of March 2025, the processing begins according to your own checklist only with complete receipt of documents. In the case of confirmed suspicion of contaminated sites, it requires a soil assessment and, in the case of construction costs via €750,000, a detailed cost breakdown in accordance with DIN 276.. This threshold is an example of banking practice and is expressly not a general requirement for all lenders.
A numbered folder structure has proven itself: 01 Sponsor/KYC, 02 Property/Law, 03 Planning/Approvals, 04 Costs/Terminals, 05 Construction Contracts, 06 Market/Marketing, 07 Financing/Securities and 08 Monitoring. An index list identifies document, date, version, responsible person and status.
File names should reveal project, content and status. Numbers in exposé, cost plan, financial model and marketing list must use the same deadline and logic. Missing documents are not hidden, but kept in an open-items list with a planned delivery date.
Teaser, cost plan and model show different values; net, gross and sales tax are mixed; construction interest, sales, taxes or cost reserves are missing; the stress case ends without a recognizable source of liquidity.
Obsolete register and land register extracts, unsigned financial statements or BWA, planned equity without origin and time and market values without a reliable basis delay the audit.
Pending approvals, parallel projects, shareholder loans, liabilities, supplements or date deviations are missing. Credit examiners discover the gap later – and then have to re-examine the other information.
A first classification or a non-binding term sheet does not replace a credit decision or fulfilled payment requirements. Clearly communicate status, conditions and pending exams both internally and externally.
Debt Advisory begins before the investor approach: Structure, financial model, collateral concept and Q&A are prepared in such a way that the audit questions of the lenders have already been answered. Deepening: Debt Advisory for Real Estate.
Original recording in German.
Directly on this website – no registration or tracking. To the following page with full text →
For an initial classification, project profile, capital requirements and own funds, project phase, land and approval status, cost/proceeds framework, schedule, repayment and a short sponsor track record are often sufficient. For the initial estimation in the case of alternates, the basic data in Project form.
Depending on the project, an initial structural review can begin beforehand. Transparently present approval status, open points, responsible persons and realistic dates. Credit decision or withdrawal may depend on certain approvals.
There is no universal deadline. For example, published bank checklists call for land register extracts three or six months and require current, signed economic documents. The decisive factor is the specification of the test lenders.
No. Both explain the project, but do not replace auditable evidence of borrowers, land, building rights, costs, contracts, market assumptions, equity and collateral.
A project company often has little history of its own. Experience, liquidity, parallel obligations, own funds and, where applicable, guarantees of the sponsor or investors are therefore relevant for the risk assessment.
The lender determines which rating and which reviewer are recognized. Applicants shall provide the basis for property, legal, land, rental and costs. An own market value assessment is not automatically the bank-side mortgage lending value.
Typical are tenant list, contracts including supplements, vacancies, rent start and maturities, land and rent reconciliation, anchor tenants as well as for operator properties historical results and a reliable business plan.
No. They allow a robust test. The decision also depends on the project, capital structure, equity, collateral, repayment, market and the risk profile of the lenders.
Separate Sponsor/KYC, Property/Law, Planning/Approvals, Costs/Terms, Construction Contracts, Market/Marketing, Financing/Securities and Monitoring. Complete an index with date, version, responsible and status.
Submit the project phase, location, capital requirements and own funds. Alternate Capital arranges the starting situation and discusses with you which documents are actually needed for the next examination stage.
Jürgen Kronawitter is Managing Director of Alternate Immobilien GmbH. He accompanies property developers, property developers, investors and property investors in the preparation, structuring and mediation of professional real estate finance in the Germany, Austria and Switzerland.
Jürgen Kronawitter on LinkedIn → More about the author