The term sheet is an important document in commercial real estate lending. It is used to outline the terms of a potential loan prior to fully underwriting the deal and issuing a commitment letter.
If your construction runs behind schedule, it could lead to additional costs and interest. It’s wise to have a buffer in your timeline to account for any bumps in the road.
Yes, most construction loans come with a down payment requirement, typically ranging from 10% to 20%. It's the lender’s way of ensuring you're invested in the project.
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Nashville Tennessee Construction Loan Financing Term Sheet