Mid-Construction Refinancing: Opportunity or Plunge into the Void?
Construction loans typically do not get refinanced before a project is completed. A construction loan is short-term in nature and both the lender and its customer expect that they will stay on the project until the project is complete, following the ground rules and administrative framework they negotiate.
This article by Michael J. Feinman, partner at Blank Rome, and Beth Bernstein, associate at Blank Rome, is one in a series of articles written for Blank Rome Real Estate's quarterly Foundation newsletter. To view the other articles in the December 2014 edition of Foundation, please click here.