Construction Mortgage Loan definition

Construction Mortgage Loan means a Loan the proceeds of which are ------------------------- being advanced by Purchaser to enable the Obligor to construct or to cause to be constructed improvements on the real property securing such Loan.
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Construction Mortgage Loan means a Committed Mortgage Loan
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Construction Mortgage Loan means a Committed Mortgage Loan originated for the purpose of performing construction work on the Mortgaged Property, eligible for purchase by at least two Takeout Investors.
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Examples of Construction Mortgage Loan in a sentence

  • No Warehousing Advance will be made against an FHA Construction Mortgage Loan unless (i) the Administrative Agent has or at one time had or will obtain (as provided in Exhibit B-2 — FHA/GNMA) possession of the related Mortgage Note, or (ii) the related Mortgage Note is in the possession of a Person other than Borrower or an Affiliate of Borrower.

  • Except in the case of an FHA Construction Mortgage Loan or a HUD 241 Mortgage Loan, the Mortgage Loan has been closed, the proceeds of the Mortgage Loan have been fully disbursed and there is no requirement for future advances thereunder, and, except as specifically permitted by MBF in writing, any and all requirements as to completion of any on-site or off-site improvement and as to disbursements of any escrow funds therefor have been satisfied.

  • Except with respect to any Fix and Flip Mortgage Loan or Construction Mortgage Loan, as reflected in the appraisal of the related Mortgaged Property, to Seller’s knowledge, the Mortgaged Property is in good repair and undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado, or other casualty so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended and each Mortgaged Property is in good repair.

  • Pro Forma InformationAs a result of the above transactions and excluding the Forest Park - Fort Worth Construction Mortgage Loan unfunded commitment, our annual revenue concentration with Genesis is reduced from 60.6% at September 30, 2013 to 52.0% on a pro-forma basis.

  • The Bank holds a Construction Mortgage Loan to Sugar Maple Estates, LLC, a company principally owned by Solomon Dwek.

  • In addition, the Bank holds a Construction Mortgage Loan to Dwek Properties, LLC, a company principally owned by Solomon Dwek.

  • Except for an FHA Construction Mortgage Loan and except as may be permitted by MBF in writing, the Mortgage Loan was not made in connection with the construction or rehabilitation of the Mortgaged Property.

  • No Warehousing Advance will be made against an FHA Construction Mortgage Loan unless (i) Lender has or at one time had or will obtain (as provided in Exhibit B-2 – FHA/GNMA) possession of the related Mortgage Note, or (ii) the related Mortgage Note is in the possession of a Person other than Borrower or an Affiliate of Borrower.

  • Details of the four loans are provided as follows: o The Bank holds a Construction Mortgage Loan to Hartley Estates by Kara, LLC, a company principally owned by Zuhdi Karagjozi., President of Kara Homes.

  • No Warehousing Advance will be made against an FHA Construction Mortgage Loan unless (i) Lender has or at one time had or will obtain (as provided in Exhibit B-2 — FHA/GNMA) possession of the related Mortgage Note, or (ii) the related Mortgage Note is in the possession of a Person other than Borrower or an Affiliate of Borrower.


More Definitions of Construction Mortgage Loan

Construction Mortgage Loan means a Mortgage Loan that was originated primarily in connection with ground up construction, partial or complete demolition, a repurposing project, or any other substantial construction or rehabilitation, in each case, of the related Mortgaged Property.
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Construction Mortgage Loan means a Mortgage Loan secured by a First Mortgage on Property consisting of a Construction Home.
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Related to Construction Mortgage Loan

  • ARM Mortgage Loan A Mortgage Loan pursuant to which the interest rate shall be adjusted from time to time in accordance with the related Mortgage Note.

  • Second Mortgage Loan A Home Equity Loan which constitutes a second priority mortgage lien with respect to the related Property.

  • Lender PMI Mortgage Loan Certain Mortgage Loans as to which the lender (rather than the borrower) acquires the Primary Insurance Policy and charges the related borrower an interest premium.

  • High Cost Mortgage Loan means a Mortgage Loan classified as (a) a “high cost” loan under the Home Ownership and Equity Protection Act of 1994 or (b) a “high cost,” “threshold,” “covered,” or “predatory” loan under any other applicable state, federal or local law (or a similarly classified loan using different terminology under a law, regulation or ordinance imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees).

  • First Mortgage Loan A Home Equity Loan which constitutes a first priority mortgage lien with respect to any Property.

  • Group I Mortgage Loan A Mortgage Loan assigned to Loan Group I. All Group I Mortgage Loans have a principal balance at origination that conforms to Xxxxxxx Mac loan limits.

  • Group II Mortgage Loan A Mortgage Loan assigned to Loan Group II with a principal balance at origination that may or may not conform to Freddie Mac and Fannie Mae loxx xxxxts.

  • Buydown Mortgage Loan Any Mortgage Loan as to which a specified amount of interest is paid out of related Buydown Funds in accordance with a related buydown agreement.

  • Group 2 Mortgage Loan Each Mortgage Loan listed on Exhibit D-2 hereto.

  • Wet-Ink Mortgage Loan means a Mortgage Loan which any Seller is selling to Buyer simultaneously with the origination thereof and for which the Mortgage Loan Documents have not been delivered to the Custodian.

  • Group 1 Mortgage Loan Each Mortgage Loan listed on Exhibit D-1 hereto.

  • Replacement Mortgage Loan A Mortgage Loan or Mortgage Loans in the aggregate substituted by the Seller for a Deleted Mortgage Loan, which must, on the date of such substitution, as confirmed in a Request for Release, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not less than 90% of, the Stated Principal Balance of the Deleted Mortgage Loan; (ii) if the Replacement Mortgage Loan is a fixed rate Mortgage Loan, have a fixed Mortgage Rate not less than or more than 1% per annum higher than the Mortgage Rate of the Deleted Mortgage Loan; (iii) have the same or higher credit quality characteristics than that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (v) have a remaining term to maturity no greater than (and not more than one year less than) that of the Deleted Mortgage Loan; (vi) not permit conversion of the Mortgage Rate from a fixed rate to a variable rate; (vii) have the same lien priority as the Deleted Mortgage Loan; (viii) constitute the same occupancy type as the Deleted Mortgage Loan or be owner occupied; (ix) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (x) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (xi) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (xii) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, (xiii) comply with each representation and warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement and (xiv) the Custodian has delivered a Final Certification noting no defects or exceptions.

  • Subsequent Mortgage Loan A Mortgage Loan sold by the Depositor to the Trust Fund pursuant to Section 2.08, such Mortgage Loan being identified on the Mortgage Loan Schedule attached to a Subsequent Transfer Instrument.

  • Balloon Mortgage Loan A Mortgage Loan that provides for the payment of the unamortized principal balance of such Mortgage Loan in a single payment at the maturity of such Mortgage Loan that is substantially greater than the preceding monthly payment.

  • REO Mortgage Loan Any Mortgage Loan which is not a Liquidated Loan and as to which the indebtedness evidenced by the related Mortgage Note is discharged and the related Mortgaged Property is held as part of the Trust Estate.

  • PMI Mortgage Loans The list of Mortgage Loans insured by the PMI Insurer attached hereto as Schedule II.

  • EMC Mortgage Loans Those Mortgage Loans serviced by the Company pursuant to the terms of this Agreement.

  • Group 3 Mortgage Loan Each Mortgage Loan listed on Exhibit D-3 hereto.

  • Countrywide Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Countrywide is the applicable Seller.

  • Jumbo Mortgage Loan is a collective reference to Jumbo Mortgage Loans (Standard Limit) and Jumbo Mortgage Loans (Specialty).