An acquisition and construction loan agreement is loan arrangement between a financial institution and a prospective borrower wherein the lender undertakes to fund the borrower for purchase and construction of a specific property. The funding arrangement is arrived at keeping in view the acquisition cost and market value of the property and the loan amount is reimbursed specifically for purchase and development of the property and is generally securitized by the property being purchased.
An acquisition and construction loan agreement should be prepared with full due diligence so as to ensure protection of rights of both the parties and should consist of details of the borrower and lender, the property against which loan is being issued, the amount of loan, the valuation of property, the time period and interest rate, the repayment plan, rights of the borrower as well as the lender, and the legal remedies in case of default.
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