Construction Loan Closing Set
It's been a long and winding road leading to the closing of the construction loan for the new Oakley Home 2.0 @ 3874 Isabella, but everything is now set-up for that to take place on Thursday, March 30, a little over two years to the day of my last construction loan closing. The difference between the two closing scenarios is that the Oakley Home 2.0 project is a commercial construction loan between the bank and my LLC whereas the Pleasant Ridge house was a residential construction loan between the bank and myself as the owner-occupant. I will follow-up with a more detailed breakdown of how commercial construction loans work and how they compare to residential owner-occupant construction loans in a future blog post, so look for that in upcoming days.
