The Construction Loan Promissory Note serves as the primary documentation for construction financing arrangements in the United States. This document is essential when a borrower requires funding for new construction or substantial renovation projects. The note typically includes detailed provisions for construction draws, interest calculations during the construction phase, and conversion to permanent financing if applicable. It must comply with federal regulations such as TILA and RESPA, as well as state-specific construction lending laws. The document is crucial for protecting both lender and borrower interests throughout the construction process.
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1. Parties: Identifies the lender and borrower with complete legal names and addresses
2. Background: States the purpose of the loan and brief description of the construction project
3. Definitions: Defines key terms used throughout the note including 'Construction Period', 'Maturity Date', 'Draw Request', etc.
4. Promise to Pay: Fundamental promise to repay the loan amount with specified interest
5. Interest Rate: Details of interest rate calculation, including whether fixed or variable
6. Payment Terms: Schedule of payments, including during construction and permanent phases
7. Draw Procedures: Process for requesting and receiving construction draws
8. Security: Description of collateral securing the note
9. Default Provisions: Events of default and lender's remedies
1. Prepayment Provisions: Terms for early repayment of loan - include when prepayment penalties or privileges are required
2. Interest Rate Reset: Terms for adjusting interest rate - include for variable rate loans
3. Construction Completion Requirements: Specific requirements for project completion - include when specific completion criteria are critical
4. Conversion to Permanent Financing: Terms for converting construction loan to permanent financing - include when construction-to-permanent conversion is offered
1. Schedule A - Property Description: Legal description of property under construction
2. Schedule B - Draw Schedule: Detailed schedule of construction draws and milestones
3. Schedule C - Project Budget: Detailed construction budget and cost breakdown
4. Schedule D - Construction Timeline: Project schedule with key milestones and completion dates
5. Appendix 1 - Draw Request Form: Standard form for requesting construction draws
6. Appendix 2 - Contractor Documentation: Required contractor certifications and licenses
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