Unused contingency funds, unless they were received directly from the borrower, must be used to reduce the outstanding balance of the renovation mortgage after all of the renovation work has been completed and the certification of completion has been obtained.The loan is not re-amortized.Draw Schedule:The HomeStyle program has a maximum 4 draw process.The initial draw can be up to 50% of the total project and can be for materials for the project.The final draw will be at least 10% of the total project as retainage and funds will be released upon receipt and approval of final inspection, Certificate of Completion from Appraiser, signed All Bills Paid Affidavits and Lien Waivers.Additional Draw Information:Ø Signed Draw Request by borrower and contractorØ Signed All Bills Paid AffidavitØ GMG review and approve the draw request and will release funds for disbursementØ A check will be issued in the name of the borrower and contractor and delivered to borrower via USPSØ An inspection of work to date will be performed at 50% completeFinal Draw Information:Ø Signed Draw RequestØ Final inspection/Completion Certificate will be required for release of final fundsØ A Title Update showing property free from lien or encumbranceØ General Contractor’s Lien Waiver AffidavitØ Affidavit of Completion GR will review and approve the draw request and will release a check in the name of the borrower and contractor.Change Orders and Cost Overruns:Changes to the initial plan are not permitted unless prior approval by Guaranteed Rate.

I’m mainly concerned about the rate change happening without prior notice, especially since both loans started and are closing on the same day.I’m scheduled to sign tomorrow and close on Friday.

Prior to pandemic we used it a lot for ourselves and did AirBNB which was a gold mine for the 90 days that you are allowed to do it in the city.

@Eric Lowe Prior to pulling the trigger on a Cost Seg study, you should evaluate 2 things:1 - How much net additional deprecation tax deductions a Cost Seg study would provide: Best way to get this is by requesting a free feasibility analysis from a Cost Seg provider.

"Cross selling" is _________________:a) When you go to your sales job wearing clothes more typically worn by the opposite gender.b) Just like it sounds: literally selling crucifixes. c) A strategy wherein a business strives to encourage existing customers to purchase adjacent products complementary to an item that the customer has already bought in a prior transaction, or is currently on the verge of purchasing.d) All of the above.

One of my favorite authors, Nicholas Nassim Taleb, sold me on the concept of Skin in the Game and holding all pundits accountable for prior predictions, myself included. 

@Rance SmithWow, that's nightmare situation you went through...Just curious, did you do a sewer scope inspection prior to closing on the building?

Oh, forgot to mention, this was prior to self rent rules. 

The insured appealed and the appeals court agree with the insured and reversed the lower court's decision.I handled a similar title claim where the complaint alleged among other things, the insured knew or should have known about the Plaintiff's prior contract and therefore the deed into my insured should be rescinded. 

Members of these in-house capital markets teams typically have prior experience working at multifamily debt brokerages, investments sales shops, etc., and a full rolodex / database of lenders whom they have rapport with to boot.