Tear-downs

These are loans made to purchase older homes with the intent of tearing down the existing structure and building a new home within one year. Loans can be made to investors and builders. An approved general contractor must be used. The first advance is for the acquisition of the property and the balance is paid out in accordance with a percentage of the completion draw schedule. Loan-to-value ratios are based upon both the cost and finished value of the new home.

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