No. Loan proceeds must be used for a business purpose, not for “personal, family or household” purposes.
No. We do not make loans to put in infrastructure or for vertical construction. We do not have the staff to process draw requests and monitor the development process.
Yes, we will allow you to walk away from the closing table with cash in your pocket if our underwriting justifies a loan amount larger than that needed to pay off an existing loan(s).
Most likely, yes, provided you have made your payments on time, are not in default on any other loan provisions and the project fundamentals are substantially the same as those at the time the loan was originated. Our loan documents contain an extension provision.
Yes. While we will pull your credit report and examine additional financial information, our decision to make the loan will be based primarily on an inspection of the property itself, our opinion of the value of the property and your exit strategy. We understand that bad things can happen to good people.
No. The land must be currently zoned for commercial or residential development.