Construction Mortgage Investments. The Partnership may make construction loans (other than home improvement loans on residential property) up to a maximum of ten percent (10%) of the Partnership's Mortgage Investment portfolio. As of June 30, 1996, nine percent (9%) of the Partnership's Mortgage Investment consisted of construction loans. In no event will the loan-to-value ratio on construction loans exceed eighty percent (80%) of the independently appraised completed value of the property. The Partnership will not make loans secured by properties determined by the General Partners to be Special-Use Properties.
Appears in 7 contracts
Samples: Subscription Agreement (Redwood Mortgage Investors Viii), Subscription Agreement (Redwood Mortgage Investors Viii), Subscription Agreement (Redwood Mortgage Investors Viii)
