Construction Loan Considerations for Private Lenders

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Webinar Summary

Many private lenders make constructions loans of varying size and scope. From small rehab projects to ground up construction, there are many considerations at play to ensure a lender is protected throughout the loan. At the outset, lenders will need to work with their title company to confirm whether there are outstanding mechanics liens, whether an indemnity package is required to proceed, and confirm the type of title policy and endorsements required for ongoing protection under the loan. On larger projects, lenders will also want to obtain assignments of contracts, plans, and permits related to the construction in the event of a default under the loan. Finally, lenders will also want to make sure the documentation reflecting the loan agreement is representative of the actual project and includes appropriate holdback language, draw schedules, and customizations. In this webinar, we will discuss best practices for lenders to approach their construction loans.

You will Learn:

  • Best practices to approach title policies when making construction loans
  • How to review and obtain assignments of third party contracts related to a construction project
  • Proper documentation to protect lenders when making construction loans of various complexity
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