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What happens to the 10% contingency reserve if its not used by the end of the renovation?

April 26, 2017Contingency happens renovation Reserve Used

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What happens to the 10% contingency reserve if its not used by the end of the renovation?

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It can either be used to do additional repairs, if approved by the draw center, or applied to the principal balance of the loan. If you didn’t finance the contingency reserve, it can be refunded in cash.