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Construction loans are usually variable-rate loans priced at a spread to the prime rate or some other short-term interest rate. Construction loans are story loans. That means that the lender has to know the story behind the planned construction before they're willing to loan you money. Because it's a story loan, it's not going to be standardized like mortgage loans underwritten to Freddie Mac or Fannie Mae guidelines. That said, there are some common features to a construction loan. Construction loans typically require interest-only payments during construction and become due upon completion. Completion for homeowners means that the house has its certificate of occupancy.

You, the contractor and the lender establish a draw schedule based on stages of construction, and interest is charged on the amount of money disbursed to date. Another variable in construction loans is how much of the project cost the lender is willing to lend. If you already own the land, then that can be considered as equity on the construction loan. Many homeowners use construction-to-permanent financing programs where the construction loan is converted to a mortgage loan after the certificate of occupancy is issued. The advantage is that you only have to have one application and one closing.

Depending on your view on interest rate trends, you could also purchase a rate-lock agreement valid through the expected completion of the construction. Just make sure you allow for the inevitable construction delays. A construction loan, unlike a mortgage, isn't meant to be around for a long time. If you're taking out a $200,000 construction loan for six months and you pay an extra 0.5 percent on the loan, it costs you an additional $250. (Assumes an average $100,000 loan balance over a six-month construction period.)

You may be willing to pay a higher rate on the construction loan if you're doing construction-to-permanent financing and can get better mortgage terms or a longer, better rate lock from that lender. The settlement of loans is a relatively new concept of financing that is surely and steadily taking roots in the business world. The benefits of loan settlements accrue to both the individuals and the business owners. Consider a situation where a person is involved in a personal injury case, like an automobile accident of any type. He or she may be on the receiving end of an unlawful termination of employment. Alternatively, there may be situations where people may be facing discrimination or harassment at the work place. What usually happens before the loan settlement financing comes into existence is that the people usually accepted lesser settlement amounts due to financial difficulties.

But with the passage of time, the lawsuit financing companies have now entered into the picture and changed the situation dramatically. The companies provide funding for personal injury lawsuits after analyzing the cases they take. In most cases, these companies usually require a non-recourse statutory lien. Most of them don’t even ask for credit checks, monthly payments, or promissory notes. The funding provided is not loans in the usual sense of the word because the money does not have to be paid back unless the case is won. The amount, which goes to the funding company, is negotiated well in advance.

For loan funding, rates vary depending upon the risk involved. Also, individuals have the option of choosing between a flat fee and a recurring fee. In case of a flat fee, the individual and the funding company agree beforehand, the amount will be repaid from the verdict. Recurring fee, as the name itself suggests is an agreed upon monthly amount paid to the funding company. It is based on the amount of funds advanced to an individual to fight the lawsuit.

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