Tennessee Construction Loan Financing Term Sheet
Description
How to fill out Construction Loan Financing Term Sheet?
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FAQ
A construction-only loan provides the funds necessary to build the home, but the borrower is responsible for repaying the loan in full at maturity (typically one year or less). You can settle the debt either in cash or by obtaining a mortgage to pay it off.
Pay Interest Only During Construction: With a construction loan, your monthly interest payments are calculated and applied based only on what construction funds you draw each month. This offers substantial relief over the alternative, which would be paying interest on the entire loan amount every month.
During the construction phase of the project, borrowers will typically make interest-only payments on the loan. The repayment of the loan usually takes place when construction is complete, and a traditional mortgage replaces the construction loan.
Typically, a term sheet is between one and five pages long and contains the important conditions of the transaction. Although it is a customarily non-binding document, a term sheet establishes the expectations of both parties.
This includes the term, loan size, interest rate, and other financial matters common to debt. Risk mitigation preferences. The lender will often require specific conditions be met or specific information be provided on a recurring, timely manner.
As mentioned, construction loans are short-term loans, usually no longer than a year in length. On the other hand, traditional mortgages are long-term loans, with terms typically ranging from 15 ? 30 years. With a mortgage, the borrower receives the money in one lump sum.