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What is retainage?
Retainage is an amount of a construction draw that is not funded, or “retained”, by a lender. It is typically…
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What are soft costs?
Soft costs are expenses associated with a construction project that are not for the labor or materials to complete the…
What are hard costs?
Hard costs are expenses associated with a construction project that are for the labor and materials to complete the construction.…
What is total project cost?
The total project cost is generally calculated as the sum of all capital expenditures with respect to a property, typically…
What is term length?
Term length is the amount of time you have to pay back the loan. For short-term loans, this is typically…
What is a scope of work?
The scope of work is a document showing the type and cost of renovations, generally in line-item format. Are you…
What is a purchase contract?
The purchase contract is a legal agreement which lays out the terms for the purchase and sale of a property…
What is a preliminary application?
A preliminary application is an initial form sometimes required by a real estate lender that asks for basic information regarding…