Did Your Construction Lender Ask For That?
John McNearney & Jude Beller
58 PROBATE& PROPERTY NOVEMBER/DECEMBER 2004 One Size Does Not Fit All Whether a real estate project involves new construuctio or the rehabilitation of an existing building, the construction loan can take multippl forms. For example, there may be an institutional construction lender and a separate permanent lender. Alternatively, the construction lender and permanent lender may be the same institution. The construction loan may include a short-term promissory note secured by a mortgage with a...