Course Summary:
This program provides an overview of the key steps involved in effectively administering residential construction loans.
Course Details:
Residential construction lending is expected to expand given the shortage of existing homes for sale and growth in the typical age group for first-time home buyers. In many markets, there is extensive remodeling that is maintaining a large share of projects. This program provides an overview of the major issues involved in administering and monitoring consumer or residential construction loans, primarily to individuals having a home built or remodeled.
What You'll Learn:- Construction risk and how is it mitigated
- What is the type of project (full construction vs. repair/remodel)?
- Due diligence needed, beyond a conventional mortgage application and underwriting
- Construction contract and cost estimate issues (Description of Materials form)
- Contractor credentials and qualifications
- Plans and drawings
- Survey
- Title insurance
- Appraisal issues
- Typical loan structuring, interest rate and fees
- Construction loan agreements
- Issues with draws and inspections, including cost over-runs and lien priority
- How is the construction loan going to end (get repaid)?
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