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What is a construction loan?
The portion of a loan reserved for funding construction. Construction loans are generally funded in draws as the construction is…
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What is a construction draw?
The portion of a construction loan that may be funded at certain milestones in the construction process, typically following a…
What is a closing loan?
The portion of a loan funded at closing. This may be the same as the total loan amount or, if…
What is a loan-to-after-repair-value ratio?
The loan-to-after-repair-value ratio is the loan-to-value ratio where the value used is the after-repair value: loan-to-after-repair-value ratio = loan amount…
What is a loan-to-as-is-value ratio?
The loan-to-as-is-value ratio is the loan-to-value ratio where the value used is the as-is value:loan-to-as-is-value ratio = loan amount ÷…
What is an exit fee?
A fee charged upon the payoff of a loan. Exit fees are typically expressed in points and are common on…
What is cost of capital?
The cost of capital is all interest and other costs incurred when borrowing funds. This includes interest, points, and any…
What is an as-is value?
The as-is value is how much a property is worth in its current state without any further improvements to the…