| Author |
Previous Topic | Next Topic |
|
ANTHONY6977
900 Posts |
 Posted - 07/14/2008 : 4:18:23 PM
|
Construction Management
Besides the underwriting guidelines detailed above, most lenders attempt to mitigate their risk in a variety of ways. The first involves due diligence on the general contractor, architect, soil where the property is to be built upon, environmental inspections, and appraisals. Then, while the construction process is ongoing, the lenders carefully inspect progress both to ensure construction is proceeding smoothly, as well as to ensure that all workers are being paid so that the security of the loan by the real estate is not violated by a "mechanics lien". |
|
dkendall1979
9514 Posts |
Posted - 07/14/2008 : 4:25:59 PM
|
| I've yet to see the CTP loan where there weren't construction liens on title. We require them to be paid before closing since we won't do C/O on a CTP loan. |
|
|
GianniD
211 Posts |
Posted - 07/14/2008 : 4:43:57 PM
|
| In PA, there is a waiver of liens req'd. |
|
|
johnnyboy38109
2803 Posts |
Posted - 07/14/2008 : 5:09:19 PM
|
| Varies state to state....mechanics liens are not enforceable in SC after 120 days. |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
