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
Relevant legal definitions
Loan Amount
Interest Rate
Maturity Date
Construction Period
Draw Request
Draw Schedule
Project Budget
Construction Plans
Completion Date
Property
Improvements
Collateral
Event of Default
Business Day
Payment Date
Construction Milestone
Retainage
Change Order
Construction Documents
Loan Documents
Permitted Encumbrances
Project Schedule
Required Permits
Substantial Completion
Title Insurance Policy
Construction Cost
Interest Reserve
Contractor
Architect
Construction Inspector
Advance
Construction Budget
Prime Rate
Default Rate
Completion Guaranty
Borrower's Equity
Required Insurance
Lien Waivers
Construction Contract
Architect's Contract
Interest Rate
Maturity Date
Construction Period
Draw Request
Draw Schedule
Project Budget
Construction Plans
Completion Date
Property
Improvements
Collateral
Event of Default
Business Day
Payment Date
Construction Milestone
Retainage
Change Order
Construction Documents
Loan Documents
Permitted Encumbrances
Project Schedule
Required Permits
Substantial Completion
Title Insurance Policy
Construction Cost
Interest Reserve
Contractor
Architect
Construction Inspector
Advance
Construction Budget
Prime Rate
Default Rate
Completion Guaranty
Borrower's Equity
Required Insurance
Lien Waivers
Construction Contract
Architect's Contract
Clauses
Promise to Pay
Interest Rate
Repayment Terms
Security Interest
Draw Procedures
Construction Progress
Default and Remedies
Representations and Warranties
Insurance Requirements
Collateral
Conditions Precedent
Inspection Rights
Change Orders
Project Completion
Liens and Encumbrances
Assignment
Governing Law
Notice Requirements
Amendment and Modification
Force Majeure
Cost Overruns
Environmental Compliance
Indemnification
Waiver
Severability
Construction Schedule
Draw Documentation
Retainage
Conversion to Permanent Financing
Prepayment
Late Payment
Default Interest
Construction Standards
Permit Compliance
Title Insurance
Interest Rate
Repayment Terms
Security Interest
Draw Procedures
Construction Progress
Default and Remedies
Representations and Warranties
Insurance Requirements
Collateral
Conditions Precedent
Inspection Rights
Change Orders
Project Completion
Liens and Encumbrances
Assignment
Governing Law
Notice Requirements
Amendment and Modification
Force Majeure
Cost Overruns
Environmental Compliance
Indemnification
Waiver
Severability
Construction Schedule
Draw Documentation
Retainage
Conversion to Permanent Financing
Prepayment
Late Payment
Default Interest
Construction Standards
Permit Compliance
Title Insurance
Relevant Industries
Relevant Teams
Relevant Roles
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