Common use of Construction Loan Advances Clause in Contracts

Construction Loan Advances. Construction Loan advances shall not exceed the lesser of (i) sixty-seven percent (67%) of the “as-if completed” appraised value of a Unit on a gross sale price basis when added to the committed amount under the Acquisition Loan allocated to the Unit, (ii) seventy-five percent (75%) of the “as-if completed” appraised value of a Unit on a discounted cash flow basis when added to the committed amount under the Acquisition Loan allocated to the Unit, and (iii) one hundred percent (100%) of the actual costs to construct the Unit. The maximum amount of construction advances that may be outstanding at any one time during the term of the Construction Line shall not exceed $3,500,000.

Construction Loan Advances. Construction Loan advances shall not exceed the lesser of (i) sixty-seven percent (67%) of the “as-if completed” appraised value of a Unit on a gross sale price basis when added to the committed amount under the Acquisition A&D Loan allocated to the Unit, (ii) seventy-five eighty percent (7580%) of the “as-if completed” appraised value of a Unit on a discounted cash flow basis when added to the committed amount under the Acquisition A&D Loan allocated to the Unit, and (iii) one hundred percent (100%) of the actual construction costs to construct of the finished Unit. The maximum amount of construction advances that may be outstanding at any one time during the term of the Construction Line shall not exceed $3,500,0002,500,000.

Construction Loan Advances. Construction Loan advances shall not exceed the lesser of of: (i) sixtyseventy-seven three percent (6773%) of the “as-if completed” appraised value of a Unit on a gross sale price basis when added to the committed amount under the Development Loan and the Acquisition Loan Allocation allocated to the Unit, (ii) seventy-five eighty percent (7580%) of the “as-if completed” appraised value of a Unit on a discounted cash flow basis when added to the committed amount under the Development Loan and the Acquisition Loan Allocation allocated to the Unit, and (iii) one hundred percent (100%) of the actual costs to construct construction Costs of the finished Unit, and (iv) $228,235 per Unit. The maximum amount of construction advances that may be outstanding at any one time during the term of the Construction Line shall not exceed $3,500,0002,370,000.

Construction Loan Advances. Construction Loan advances shall not exceed the lesser of (i) sixty-seven five percent (6765%) of the “as-if completed” appraised value of a Unit on a gross sale price basis when added to the committed amount under the Acquisition A&D Loan allocated to the Unit, (ii) seventy-five percent (75%) of the “as-if completed” appraised value of a Unit on a discounted cash flow basis when added to the committed amount under the Acquisition A&D Loan allocated to the Unit, and or (iii) one hundred percent (100%) of the actual construction costs to construct of the finished Unit. The maximum amount of construction advances that may be outstanding at any one time during the term of the Construction Line shall not exceed $3,500,0002,250,000.

Construction Loan Advances. Construction Loan advances shall not exceed the lesser of (i) sixtyseventy-seven three percent (6773%) of the “as-if completed” appraised value of a Unit on a gross sale price basis when added to the committed amount under the Acquisition A&D Loan allocated to the Unit, (ii) seventy-five eighty percent (7580%) of the “as-if completed” appraised value of a Unit on a discounted cash flow basis when added to the committed amount under the Acquisition A&D Loan allocated to the Unit, and (iii) one hundred percent (100%) of the actual construction costs to construct of the finished Unit. The maximum amount of construction advances that may be outstanding at any one time during the term of the Construction Line shall not exceed $3,500,000.