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- What is construction risk and how is it mitigated?
- What is the type of project?
- Full construction vs. repair/remodel
- Owner as borrower, hires a builder
- What additional due diligence is 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
- Title insurance
- Appraisal issues
- Loan pricing and structuring
- Typical 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)?