The Pre-Construction Process
The following details the project approval and funding procedures used by UHT, Inc. to initiate a real estate investment engagement:
- Projects are provided to the offices of UHT, Inc. for reviews of legitimacy and profitability to the Investor market. No project will be proposed to a UHT, Inc. Investor without having passed both these screenings.
- Once approved, the project is made available to our pool of potential investors. Projects will also be provided to select real estate investment classes who meet our financial criteria (please refer to loan parameters for complete criteria).
- Once a client has selected a project of interest, a financial prospectus package is provided for review and completion. This package also serves as the client application package. Once completed, the application is submitted to our finance department for underwriting.
- Upon client approval, the Investor will receive a lot contract, a construction contract, and other information for review and signature. Once the client has executed the contracts, the package and required earnest money are sent to the finance department.
- Contracts are provided to the selling entity and the construction package is assembled and submitted for approval.
- The completion of the funding process takes between 30 and 45 days, based on appraisals, title work, and timely receipt of client documentation.
- During the construction phase, clients are kept abreast of progress through photographs and other information emailed to the Investor by our Customer Relations department.
- 60 days prior to maturity of the interim construction loan, clients are provided options regarding permanent financing and/or exit strategies.
- All loans are required to be off of the interim lenders books 90 days after completion.