GROUND UP CONSTRUCTION
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A ground up construction loan is usually an acquisition of raw or developed land for the purpose of building a new commercial or residential real estate.
Ground up construction loans start with obtaining permits and zoning plans for the land. As the paperwork for the process need to follow the township’s laws and regulations, you can start the development process by constructing the foundation. Most loans will require a recent survey completed by a licensed surveyor. Shovel ready land is approved by the construction and zoning department with all proper permits.