Quote:
Originally Posted by 2PRUROCKS!
I understand that that would give most of us a lot more confidence in this project being completed, but closing on a construction loan isn't the same thing as construction. The developer may close on a loan and not begin construction for months because they are waiting on permits or other issues. Conversely, they may start construction without a loan or at least without publicly announcing it which of course runs the risk of it stopping like happened here, but it still was under construction and some work was completed.
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Foundation work + construction loan ALWAYS means construction has commenced
Construction loan by itself does not mean construction has commenced
Foundation work MINUS construction loan GENERALLY means construction has commenced
Foundation work followed by a long pause, then restarting WITHOUT a construction loan means "hold on for a sec, I'm going to watch this one a bit longer before nudging this into the 'under construction' category"
Capisce? Now go eat some fettucini