Construction Perm 2 X Close

Posted By: Patricia

Construction Perm 2 X Close - 11/06/12 05:03 PM

The rate during construction and the rate for the perm loan are the same. The bank does not have a lock-in agreement. So do I use the date the application was received at time of construction, which was 12 months ago. (A new application was not obtained for the perm loan?)
Posted By: Patricia

Re: Construction Perm 2 X Close - 11/08/12 05:18 PM

bump
Posted By: Sheba

Re: Construction Perm 2 X Close - 11/08/12 06:35 PM

I am assuming that you are looking to document a lock-in date. If you use commitment letters, I would suggest using the date the customer signed the commitment letter and agreed to loan terms. However, if this is a secondary market loan there should be documentation of the lock-in. Hope this helps.