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How is money disbursed for the construction of the property?

April 26, 2017Construction disbursed money Property

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How is money disbursed for the construction of the property?

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Midland Mortgage Corporation will hold the cost to construct in a Loan Process or LIP account. At the time a disbursement is requested, we will send a construction loan inspector out to the property. He will report back to our office the amount complete and we will in turn disburse funds based on that inspection report.