The borrower is utilizing loan funds to purchase a single property or multiple properties either as raw land or with an existing structure(s). Activities in this phase include, but are not limited to, working with the city or county where the subject property lies to receive zoning, tentative and final mapping approval.
The borrower is utilizing loan funds to initiate and/or complete horizontal development of the property in preparation for vertical construction. Activities in this phase include the clearing and grading of the land, and connecting water, sewer and electrical lines required for the infrastructure of the subject property.
The borrower is utilizing loan funds to complete the vertical construction of a new structure or to rehabilitate the existing structure. Activities in this phase include ground-up construction and improvements to existing infrastructure.