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"He has to keep putting more into it to satisfy his construction mortgage."
How about adding a construction mortgage so he could build some rental cottages on the island?
Each day of delay meant another day carrying the construction mortgage with interest.
The US government contributed considerable support in the form of loan guarantees, tax credits, and a construction mortgage from the Maritime Administration.
Our construction mortgage was approved after the bank studied our blueprints to estimate the cost of construction - to which it added the price of the land.
Early in 2011, 600 Brickell got a $130 million construction mortgage loan from Los Angeles based Canyon Capital Reality Advisors that will fund the rest of the construction.
Today, the blackboard in Mr. Procida's office is always full of multimillion-dollar projects vying for his attention - for example, the redevelopment project in downtown Montclair that was recently granted a construction mortgage.
There, the recording of the construction mortgage before the filing of a statutory notice of commencement of construction provides the mortgage with absolute priority over mechanic's liens arising out of the construction.
Calvert Home Mortgage Investment Corporation was established in September 1982, as a Mortgage Investment Corporation (MIC), for the purposes of pooling funds to invest in residential, commercial and construction mortgages.
"When a buyer takes out the construction mortgage, the lender becomes the buyer's quality-control point," he said, explaining that since the lender conducts an inspection before advancing any additional money, the lender can ensure that the builder isn't cutting corners.
