Legal Question in Real Estate Law in Georgia

Lender refuses to offer alternate permanent financing in converting construction/perm loan. The construction effort should have been completed in 12 months vice the 16 months it actually took. As a result of the 4 months schedule overrun, the lender is contending that the only product that can offered without financing is the 3/1 arm(6.125%)offered for the construction phase. Is this practice legal?


Asked on 10/23/09, 2:39 pm

1 Answer from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Your post is not clear about what you think might not be legal. It is certainly legal for the lender to rely on the contracts and loan documents you both signed. Do the contracts contain any obligation for the lender to refinance, extend, or do anything else?

Read more
Answered on 10/28/09, 2:53 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Georgia