Dumb question: when we obtained a construction loan the interest reserve was added to it (around $35K I believe), is that interest now tacked onto (rolled over) to the mortgage loan once construction is done?
Not a dumb question at all! It depends on how it was structured. If you have a copy of your term sheet or promissory note, I can give you some guidance. If you like, you are welcome to me at info@evergreen.llc to set up a quick call and I can easily walk you through it. Depending on who is doing your perm loan, you may be able to negotiate away some of the fees. Happy to help. - Trevor
@@RealEstateFinanceAcademy will definitely send some info to your address you gave me, hopefully tonight. Thank you and I truly appreciate any/all advice!
Dumb question: when we obtained a construction loan the interest reserve was added to it (around $35K I believe), is that interest now tacked onto (rolled over) to the mortgage loan once construction is done?
Not a dumb question at all! It depends on how it was structured. If you have a copy of your term sheet or promissory note, I can give you some guidance. If you like, you are welcome to me at info@evergreen.llc to set up a quick call and I can easily walk you through it. Depending on who is doing your perm loan, you may be able to negotiate away some of the fees. Happy to help. - Trevor
@@RealEstateFinanceAcademy will definitely send some info to your address you gave me, hopefully tonight. Thank you and I truly appreciate any/all advice!
7:05 is very sage advice
I prefer a conventional loan 💵 to a construction🛠 loan.
Most people do, unless they're trying to build something. 😉👍🏻 - Trevor
👍🏾👍🏾
Thank you, Eric! - Trevor