Timeline Killers Checklist

Title & Entity

Clean title confirmed: no open liens, judgments, or clouds from prior owner.

Run a preliminary title search before going under contract

Outstanding permits resolved

Open permits from prior work can halt closing. Pull permit history from the municipality.

COMMON KILLER

Entity documentation ready: operating agreement, EIN, Articles of Organization.

Must match the entity name on the purchase contract exactly.

Entity in good standing in the state where the property is located.

Check online with the Secretary of State. Reinstatement can take weeks.

COMMON KILLER

Insurance

Builder's risk / hazard insurance bound and binder ready

Must list Upright Lending as mortgagee / additional insured. Get the binder before closing day

COMMON KILLER

Coverage amount ≥ loan amount or replacement cost

Underinsured policies are rejected at closing and require restart

Flood zone checked: If in SFHA, flood insurance bound separately

Flood policies can take 30 days to bind. Check FEMA maps at msc.fema.gov.

Scope & Budget

Detailed line-item construction budget submitted

Vague budgets delay underwriting. Use trade-by-trade line items, not lump sums. Be thorough to maximize after-repair-value accuracy

COMMON KILLER

Budget aligns with ARV and scope of work

If budget feels light vs. ARV, be ready to explain before underwriting flags it.

Borrower Documentation

Sponsor preapproval in progress or completed

Preapproved sponsors close 2–3x faster. Start before you find the deal.

COMMON KILLER

Track record of experience documented

Addresses + outcomes (sold / held). Needed for experienced pricing tier.

Liquidity / reserves documented

At least 10% of project cost in personal/entity funds required.

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