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re: OT help with construction loan process
Posted on 10/13/21 at 11:18 am to shoelessjoe
Posted on 10/13/21 at 11:18 am to shoelessjoe
We typically get a contract and a budget from the builder that breaks down the contract price into draws. We’ll lend up to 85% of the cost to build plus land value.
If you need to bring additional money as down payment, we have you deposit it with us to be drawn out when the builder requests. Your expenses for materials would count towards those draws.
If you need to bring additional money as down payment, we have you deposit it with us to be drawn out when the builder requests. Your expenses for materials would count towards those draws.
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