Market Study to support the project occupancy and rents. Adequate Working Capital to stabilization. Tax, Insurance, and Replacement Reserve Escrows. Contractor required to pay prevailing wage and performance completion bond. Borrower pays all application, inspection, underwriting, and third party costs, estimated at approximately one percent of the loan amount.
All costs are applicable to the total project costs.
Loan origination fees are 3 points and payable from the loan proceeds at closing.