"As Is" for New Construction

[Terrel L. Shields]

Land value plus the draws - really doesn't address the idea of the value in its current state but normally the regulators don't care. They just want some reasonable expectation of value. I've only done one partially completed "pro forma" (as my banker likes to call it) in recent years. The bank actually broke even on it and completed it within 60 days or so. They sold it to the builder who was happy to buy since his wife worked within 2 blocks of the house at a nearby elementary school. Win win.