Once you have closed a loan, you may be asking “now what?”  There are several requirements associated with your financing agreement and they are required to be submitted annually.

Every borrower is required to annually submit audited financial statements or a Annual Comprehensive Financial Report. 

Most borrowers are required to submit proof of insurance coverage which insurance providers can send annually to VRA upon request.  You can make VRA a certificate holder by providing the following information to your insurance provider:

Virginia Resources Authority
1111 East Main Street, Suite 1920
Richmond, VA  23219

Every borrower is also required to submit a certificate of no default.  A customized template may be requested from the VRA Compliance Team.

Also, you will want to submit a cover page with your budget indicating budgeted coverage to meet the loan's rate covenant, if applicable.  Here is the sample cover page:  click here to download (Word doc 54 KB)

If you have a rate covenant, you may need to submit an engineer’s report to show that maintenance, repair, replacement and operational costs are being anticipated by a Consulting Engineer.

All compliance items may be addressed to:

ATTN: Spencer Murray
Loan Compliance Manager
Virginia Resources Authority
1111 East Main Street, Suite 1920
Richmond, VA  23219

Further questions may be directed to Spencer at 804-616-3455.