The "Add Borrower Construction Language" adds construction completion language for the Borrower into the loan agreement for otherwise non-construction loans.
The “Add Borrower Construction Language” is a functionality that only includes new language when selected as "Yes". There is no change to the documents if "No" is selected.
Selecting "Yes" adds construction completion language for the Borrower into the loan agreement for otherwise non-construction loans. For customers that do not need a full construction loan package, this brings in Construction or Repair of Improvements for the Mortgaged Property provisions such as requirements, funds, completion, inspection, security, etc.
This feature is intended for borrowers who often perform construction or repair work on the collateral property that is not funded by the loan proceeds. This feature can also be selected when lenders want to have a guarantee from the borrower that the work will be performed in a quality manner, fully paid for by the borrower without loan funds, and the project will be lien-free.
GoDocs has additional functionality for completion language to apply to the Guarantor separately as well. Please contact the Customer Support Team for assistance in activating or deactivating this feature.