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Retaining Construction Advance Documentation

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Question: 
In commercial construction loans, once the construction is complete and you have received the Certificate of Occupancy, how long should you retain the construction advance information (photos, memos, advance request forms)?
Answer: 

I'm not aware of any regulatory guidance, other than maybe state law, for the retention of these specific documents. We maintain ours for the duration of the loan just in the case of a "dispute".

First published on BankersOnline.com 11/15/04

First published on 11/15/2004

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