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re: OT help with construction loan process
Posted on 10/12/21 at 9:31 pm to shoelessjoe
Posted on 10/12/21 at 9:31 pm to shoelessjoe
It’s not hard. Get a loan. Let them put a lien on it. Don’t do any work prior to the lien. The terms are up to the bank. But if you own the land. Then they shouldn’t require any more equity. Then it’s just getting the build job started. We typically will do 8-12 draws for the property. For example ~ you may have.a pre construction draw (plans - permits) and then your first big draw will be foundation. Next big one would be framing, etc…
1
Posted on 10/12/21 at 9:33 pm to dallasaggie
Just remember draws are for work in place. So you would have already paid for it or are on some terms with the subcontractor (net 30). The bank may require lien releases but that depends on the bank and Stata.
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