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preconstruction financing

 
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qbe



Joined: 29 Jul 2004
Posts: 3

PostPosted: Thu Jul 29, 2004 4:22 pm    Post subject: preconstruction financing Reply with quote

hi,

how does financing for pre-construction project works?

say today i buy a property off a plan, and put a 20% downpayment on s&p completion. the bank pays the remaining 80%.

do i start the repayment now or when the project is completed?
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msw



Joined: 07 Aug 2004
Posts: 12

PostPosted: Sat Aug 07, 2004 2:33 am    Post subject: Reply with quote

u start paying now bro, that's the lousy part bout buyin a new prop. pay the bank for something that u dont get anything in return for the next 2-3 years.
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jeffreychay



Joined: 31 Aug 2004
Posts: 72

PostPosted: Sat Sep 04, 2004 3:24 am    Post subject: You don't know what will happen Reply with quote

Qbe,

msw is right. You pay the bank when the approval is given. There is a risk that if anything bad happens to the property or developer before the property can be completed successfully, you still have to pay the bank for the loan payment. Another word, the developer use your funds to build the property, if they fail, they failed the property project, and they don't owe the bank anything, but you do.

Kindest Regards,

Jeffrey Chay
..myglobalpipeline.com
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reckless244



Joined: 12 Sep 2004
Posts: 6

PostPosted: Sun Sep 19, 2004 7:49 pm    Post subject: Don't Blame The Bank Reply with quote

Look at it this way :

If there is no bank we will not be able to buy any property until we have saved enough to buy the property in hard cash.

Second, if the developers were to sell only after the houses are completed, they would probably sell at a higher price then if sold at a launch.

The conclusion :

Pick the right developer and hope nothing will go worng !
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malik



Joined: 10 Sep 2004
Posts: 1

PostPosted: Wed Oct 13, 2004 6:11 pm    Post subject: Reply with quote

DEAR BROTHERS,

I AM A CANADAIN MUSLIM LIKE TO MOVE MY FAMLY IN MALAYSIA.
CAN ANY BODY HELP ME WHAT IS THE SYSTEM TO GET IMMGRATION.

THANK YOU.
MALIK
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Blidahb



Joined: 25 Oct 2004
Posts: 4
Location: Kuala Lumpur

PostPosted: Mon Oct 25, 2004 2:19 pm    Post subject: Re: preconstruction financing Reply with quote

qbe wrote:
hi,

how does financing for pre-construction project works?

say today i buy a property off a plan, and put a 20% downpayment on s&p completion. the bank pays the remaining 80%.

do i start the repayment now or when the project is completed?



You will only start the repayment after the initial disbursement of your loan by the bank. be it for the purchase of the property or for insurance MRTA. However you are only required to pay the interest on the amount already disbursed and not the full installment. Full installment will only commence upon full disbursement of the loan i.e. upon completion of the project subject however it is completed within stipulated time.
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sasi77



Joined: 31 Jul 2010
Posts: 37

PostPosted: Wed Aug 18, 2010 5:00 pm    Post subject: Reply with quote

Your mortgage contract will stipulate when payment begins. Usually after closing on a mortgage you have 30 days "free." After 30 days you begin making monthly payments, mostly interest, some principle. Ask your mortgage broker for the specifics on your loan as individual loan packages can differ.
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DamianaIndu



Joined: 31 Jul 2010
Posts: 87

PostPosted: Mon Sep 13, 2010 2:57 pm    Post subject: Reply with quote

PreConstruction Programs is your source for residential/new home construction loans & commercial construction loans. All types of construction loans from large commercial developments, large multi family projects, and single family residential homes. If you have a construction project that needs financing whether it is preconstruction or existing, we can get it funded and closed.
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RakSep18



Joined: 19 Sep 2010
Posts: 3

PostPosted: Sun Sep 19, 2010 3:53 am    Post subject: Reply with quote

hello guys ...
its really nice and informative post....
i just liked it....
thanks for your information guys ...........
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benjamin6418



Joined: 13 Dec 2010
Posts: 11

PostPosted: Mon Dec 13, 2010 5:13 pm    Post subject: Reply with quote

Preconstruction is a process in which developers offer certain individuals the opportunity to purchase units in a building that is being developed before the construction begins on the project. As a result b uying during preconstruction can offer substantial savings over what buyers will pay when the building is completed.
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Mullenax



Joined: 21 Dec 2010
Posts: 19

PostPosted: Tue Dec 21, 2010 5:43 pm    Post subject: Reply with quote

You opened yourself up on that one. You are here in Belize and terrielin is just a visitor, what are you doing about it? There's no problem with venting here but it doesn't accomplish much. Call into the Morning Show with your concerns, that's where your voice will be more effective.
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erekit



Joined: 23 Oct 2010
Posts: 29

PostPosted: Sun Jan 16, 2011 5:42 pm    Post subject: Reply with quote

Some project developer will pay the interest during construction.
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