In the event the financing are investing in the property and you may build, then very first draw will be to pay back the fresh property and you may settlement costs. Additionally cover will set you back for example home design, permitting, and you can website innovation.
Disbursements. Prior to doling away money, the financial institution will want to make certain the present day stage out of work could have been accomplished properly, you to definitely subs and you may service providers was basically paid and you may closed lien waivers, and that the project was moving together without any major trouble.
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