Separate the project from its financing
Build a complete cost budget before choosing a loan amount. Distinguish land, design, approvals, site work, construction, contingency, carrying costs and financing charges. Identify costs already paid and those still payable. The financing budget should show when cash is needed, not just whether total estimated funding equals the final project cost.
Ask when owner equity must arrive
A lender may specify an equity contribution sequence or exclude certain costs from financing. Obtain the actual written requirements rather than assuming every invoice can be reimbursed. Land value, cash already invested and new cash can receive different treatment. Keep the project’s equity need separate from a marketing description of maximum leverage.
Make a draw calendar
Align planned work with payment obligations, inspections and funding releases. Identify any holdbacks, inspection charges or conditions that can postpone reimbursement. Contractors may require payment before a draw is released. The construction tool illustrates staged borrowing from entered assumptions; it does not validate invoices, approve draws or confirm that the lender will fund on a particular date.
Define interest and reserve treatment
Confirm whether interest applies to funded draws, another balance or a commitment-based calculation. Determine how an interest reserve is financed and whether it can be exhausted by delays or rate changes. Avoid counting a financed reserve as both available construction cash and an additional owner contribution. The contract and servicing statements control actual charges.
Distinguish completion from conversion
Physical completion, occupancy permission, lease-up and eligibility for permanent financing are separate milestones. Ask whether conversion is part of the signed facility or requires a new application. A prospective long-term refinance should retain its own costs, documentation and approval uncertainty. Completion of construction alone does not establish that a takeout lender will advance funds.
Stress cost and time at once
Create an overrun case with a later completion date and additional carrying costs. Identify who funds the extra cash and what happens if the commitment is already fully drawn. Include possible extension charges only from confirmed terms. A contingency is a budget allowance, not a guarantee that money remains available when the project needs it.
Prepare a completion-focused brief
Organize plans, approvals, builder terms, insurance, the detailed budget, draw schedule and proposed exit. Ask about completion guarantees, reporting and the process for changing contractors or scope. Describe the project stage and financing question to MITEY without sending sensitive records through the public form. Detailed underwriting documents belong in an appropriately confirmed later process.
Compare the whole capital path
Compare owner cash, funded balances, total financing charges and debt remaining at exit for alternatives using the same project timetable. A lower starting rate can coexist with different fee and reserve requirements. Source observations keep their original review dates; this guide is not a new price check. Any provider introduction requires confirmed availability and your permission.