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That is, light can pass into and out of the cleared tissue freely, allowing one to see the structures deep within the tissue without physically cutting it open. Many tissue clearing methods exist, each with different strengths and weaknesses. [2] [4] Some are generally applicable, while others are designed for specific applications. [4]
Still other states, such as California, provide priority for a construction loan mortgage recorded before the visible commencement of construction where the lender is obligated to disburse the funds. In the State of Illinois , there is a statutory funds disbursing scheme that, if followed, provides construction loan mortgage priority.
A construction-to-permanent loan — also known as a one-time, single-close or construction-perm loan — is a type of mortgage for those building a home. It funds the purchase of land and the ...
A Allocation of costs is the transfer of costs from one cost item to one or more other cost items. Allowance - a value in an estimate to cover the cost of known but not yet fully defined work. As-sold estimate - the estimate which matches the agreed items and price for the project scope. B Basis of estimate (BOE) - a document which describes the scope basis, pricing basis, methods ...
This is normal in a situation involving a permanent “floor-ceiling loan,” where the borrower does not meet a rent-roll requirement, and the first mortgagee funds only a floor amount, agreeing to fund the balance in the event the rent-roll requirement is met within a stated period. In this case, the gap lender is often the construction lender.
Categorizing loan agreements by type of facility usually results in two primary categories: term loans, which are repaid in set installments over the term, or; revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.
The related term is a floor to ceiling loan. In this type of loan there are two separate funding amounts: first upon satisfactory completion of construction and the second when a building is fully occupied by tenants or cash flows claimed by lender are fulfilled.
The term of a commercial mortgage is generally between five and ten years for stabilized commercial properties with established cash flows (sometimes called "permanent loans"), and between one and three years for properties in transition, for example, newly opened properties or properties undergoing renovation or repositioning (sometimes called ...