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Reply to "Construction loan financing question - amount of down payment required"
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[quote=Anonymous]Agree with pp - they role up the value in one loan calculation. If you were to default, they can't have land and house separate. so even if you keep a loan, they put something in second posiiton. Also per pp - those construction costs look extremely low - site, permit etc, are significant. your constuction docs as well as the actual builder will be reviewed critically and have to be in line with market. they also "appraise" the final build. Equity and cash are counted differently. So will need more "equity" to have the same cash equivalent. and may need to be equity accessible (i.e. an equity line). banks vary greatly - so you need to shop around. [/quote]
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