New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4244 - Metropolitan Economic Revitalization Program
Section 4244.8 - Underwriting criteria

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4244.8

Current through Register Vol. 46, No. 12, March 20, 2024

(a) Information submitted will be evaluated by the corporation's standard underwriting criteria, including but not limited to the following:

(1) the ability of the applicant to repay the project loan;

(2) borrower must display profitability or potential for such;

(3) performance ratio analysis must yield satisfactory results, including:
(i) sufficient liquidity;

(ii) sufficient cash flow to service debt;

(iii) reasonable leverage;

(4) there must be no tax judgments in place;

(5) sufficient collateral must be in place;

(6) credit checks must be satisfactory;

(7) principals must display sufficient management ability; and

(8) borrower should be knowledgeable of market and industry.

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