Extract to table

The policy must include standard construction loan endorsements, including a "pending disbursements" endorsement, a survey endorsement, and a zoning endorsement

The appraisal must support both the LTC ratio of 58

If the Lender imposes an LTV requirement (which is common), the as-stabilized appraised value must be sufficient to satisfy such requirement

The Term Sheet language is somewhat ambiguous on this point, referring to a requirement that "all equity contributions shall be funded prior to or pro rata with Loan advances

In our experience, institutional construction lenders typically require one of the following approaches: (a) Full Equity Funded First: All equity must be contributed and verified before the first dollar of Loan proceeds is disbursed

33% debt for each draw), meaning that each draw request must be accompanied by a pro rata equity contribution