Virginia Construction Loan Financing Term Sheet
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How to fill out Construction Loan Financing Term Sheet?
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Economic details. 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.
Take the time to review each term sheet in detail and understand the terms being offered. Pay close attention to key factors like valuation, dilution, investment amount, and investor rights. The last thing you want is to sign an agreement that contains terms you don't understand or agree with.
So, for instance, if the home is appraised to be worth $500,000, they will loan you $500,000 x (95% as an example) = $475,000. The down payment will be your construction costs less the loan amount. So, if the construction is quoted to cost $500,000, your down payment will be $500,000 - $475,000 = $25,000.
Once you're certain the investors offering you a term sheet are a good match, go beyond the obvious. Investment dollars and valuation are critical, of course, but don't overlook important details like option pools, liquidation preferences and the composition of your board.
Don't fixate (too much) on valuation This is one of the most important parts of the term sheet. Depending on the valuation of your startup, venture investors in a Series A round could receive preferred stock equal to anywhere between 20% and 50%, typically, of your company's shares.
But no matter who the investor is, a term sheet will always contain six key components, including: A valuation. An estimate of what a company is worth as an investment opportunity. ... Securities being issued. ... Board rights. ... Investor protections. ... Dealing with shares. ... Miscellaneous provisions.
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.
7. Using the concepts discussed above, a creditor can apply the TRI Rule to construction and constructionpermanent loans. The Loan Terms Table includes information about the Loan Amount, Interest Rate, Periodic Principal & Interest Payment, Prepayment Penalty, and Balloon Payment. 12 CFR § 1026.37(b).