R2R Meeting 6 ppt

Wildfire Roadmap to Recovery: Meeting #6, January 24, 2008 Rancho Bernardo Community Presbyterian Church - Private Construction Loan Process - Working with Lender to Release Insurance Proceeds Karen Reimus [email_address]

Availability of R2R Powerpoint Presentations ,[object Object],[object Object],[object Object],[object Object]

Fine print: ,[object Object],[object Object],[object Object]

Financing issues relating to rebuilding ,[object Object],[object Object],[object Object]

An Overview of the Private Construction Loan Process ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

SBA Loans ,[object Object],[object Object],[object Object]

If you qualify for an SBA loan: ,[object Object],[object Object],[object Object]

When working with your lender to release insurance proceeds…Know going in: ,[object Object],[object Object],[object Object]

Periodic payments as phases are satisfactorily completed: ,[object Object]

Hire carefully: ,[object Object],[object Object]

Our heartfelt thanks to: ,[object Object],[object Object],[object Object]

Overview of Private Construction-to-Permanent Loan Process Shelley Lundborg Construction Loan Specialist Served Cedar Fire Survivors

You have unique needs ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

What is a Construction-to-Permanent Loan? ,[object Object],[object Object],[object Object],[object Object]

How does the construction loan process work? ,[object Object],[object Object],[object Object]

Overview of the Process ,[object Object],[object Object],[object Object],[object Object],[object Object]

Glossary of Terms - Handout at Entrance ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

What is “one-time close” and how does it save time and money? ,[object Object],[object Object],[object Object]

What is meant by “no-payment” Construction-to-Permanent Loan? ,[object Object],[object Object]

What will home building cost? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Once I get started, how do I access my funds? ,[object Object]

What forms will be provided by the lender? ,[object Object],[object Object],[object Object],[object Object],[object Object]

What information will be required from you? ,[object Object],[object Object],[object Object]

What information will be required from you? (con’t) ,[object Object],[object Object],[object Object],[object Object],[object Object]

Work with your Contractor to Provide Needed Documents ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Discounts that may be offered by various lenders ,[object Object],[object Object],[object Object],[object Object],[object Object]

Summary ,[object Object],[object Object],[object Object],[object Object]

Questions and Answers ,[object Object],[object Object],[object Object]

A Second Perspective on the Private Construction Loan Process Brian Wada Construction Lending Officer/Loan Officer

Working With Your Lender To Release Insurance Proceeds Ken S Klein 2003 Cedar Fire Survivor United Policyholders Disaster Recovery Mentor

Checks Made out from Insurance Company to Lender and You ,[object Object],[object Object]

Your rights ,[object Object],[object Object]

Why does this happen? ,[object Object],[object Object],[object Object]

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What does this mean? ,[object Object]

Big Question 1 (of 5): If the checks are more than the mortgage, does the Lender get to keep more money than I owe them on the mortgage? ,[object Object],[object Object],[object Object]

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Be diligent, persistent, proactive ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Big Question 2: Will the mortgage co. be a co-insured on only the Coverage A checks? ,[object Object],[object Object]

Big Question 3: Do I get interest on the money while the mortgage company holds it? ,[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],California arguably does have an “applicable law.” The California Civil Code says:

So here is another approach you could take: ,[object Object],[object Object]

Big Question 4: How quick do I get the money? ,[object Object],[object Object]

Your mortgage company understands this ,[object Object],[object Object]

Typical Progress Payments ,[object Object],[object Object],[object Object],[object Object]

Big Question 5 (the last one): Can the mortgage company just use the money to pay off the mortgage, even if I do not want them to? ,[object Object]

So what is the bottom line; what should I do? ,[object Object],[object Object],[object Object],[object Object],[object Object]

When dealing with your mortgage company, consider emphasizing at least one or more of the following points: ,[object Object],[object Object],[object Object],[object Object]

When dealing with your mortgage company, consider emphasizing at least one or more of the following points: ,[object Object],[object Object]

Summary : Q & A ,[object Object],[object Object]

Break Out Sessions for Fire Survivors ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

R2R Meeting 6 ppt

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R2R Meeting 6 ppt