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Curiousowner1935
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RE: Interest reserve or monthly payments during construction?
A rate increase can create a separate limit problem, not just a reserve shortfall. Ask whether the reserve is recalculated within the existing approved construction-loan maximum or whether the higher reserve requirement ...
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RE: Interest reserve or monthly payments during construction?
The $2,500 figure is a useful ceiling, but the meaningful comparison is based on the projected draw schedule, not the full $400,000 from day one. Have the lender provide the expected outstanding balance by month and show...