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Category Archives: Summer Construction

Business Report: Nuts And Bolts Of Construction Financing

Posted onJuly 12, 2017July 12, 2017
Sarah Lewis Belcher is a senior counsel with Bond, Schoeneck & King PLLC.
Courtesy Bond, Schoeneck & King

by Sarah Lewis Belcher, Esq.

So, you have a great new project you want to start building ASAP to enable you to get in the ground and/or have the shell(s) up before the weather turns and/or to meet your completion schedule?

If you need a construction loan to finance the project, knowing the financing process can help expedite closing and your ability to get started.

The earlier you involve your lender the better. In addition to the usual underwriting review, the lender and its construction consultant will need a number of items concerning the project. Having a package of these materials ready can help speed the review and, therefore, the closing.

The construction documents that often must be provided include: plans and specifications, detailed construction budget, construction schedule, fixed price/guaranteed maximum price contract with the general contractor (GC)/construction manager (CM), architect/engineer’s contracts, municipal approvals including building permits, payment and performance bonds, builder’s risk insurance and consents to contract assignments from the GC, CM, architect and/or engineer.

These items will be reviewed by the lender and its construction consultant to confirm the project described in the plans and specs may be completed for the amounts in the budget and within the time frame in the schedule.

The construction loan process in New York state requires the preparation and filing of a building loan contract/construction loan agreement. If a lender doesn’t file such a document with the clerk of the county in which the real estate is located, the lender’s security interest established by its mortgage will be subject to mechanics liens that may be subsequently filed.

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Work On Surfside On The Lake Largely Done; Resort Is Open While Minor Work Finishes

Posted onJuly 13, 2016December 2, 2017

Crews work outside the Surfside On The Lake resort, 400 Canada St., Lake George, which went through major renovations. It is open for business and minor work is still being done. Photo/Todd Bissonette Photography By Molly Congdon Surfside on...

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Hubbard Hall Changes The Role Of Its Lobby, Which Will Now Promote Tourist Attractions

Posted onJuly 13, 2016November 8, 2017

Hubbard Hall in Cambridge is a full-service center for the arts, performance programs, a cultural center, and now a welcome center for the over 36,000 people who visit each year. Courtesy Hubbard Hall By Jennifer Farnsworth Hubbard Hall in...

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Two Recreation Facilities In Warren County Are On State’s Schedule For Improvements

Posted onJuly 13, 2016November 8, 2017

Gov. Andrew M. Cuomo announced in early July widespread improvements to outdoor recreation facilities across the state, including two in Warren County, to provide higher quality experiences for New Yorkers and visitors. Many of the enhancements are to facilities in...

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Stewart’s Shops, Working With NYSERDA, Continues To Expand Its Use Of Solar Power

Posted onJuly 13, 2016November 8, 2017

New York State Energy Research and Development Authority (NYSERDA) and EnterSolar announced the completion of a 1.85-megawatt solar installation designed to offset up to 75 percent of the power used by 17 Stewart's Shops in upstate New York. This...

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Sunnyside Par 3 Expands Dining Room And Menu

Posted onJuly 13, 2016November 8, 2017

By Liz Witbeck Sunnyside Par 3 golf course has gone through several changes this season that ownership hopes will please both experienced golfers and beginners. The course is located at 168 Sunnyside Road in Queensbury, co-owned by Jim Beaty...

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Expansion At Glens Falls Toyota & Scion Includes Improvements, Modernization

Posted onJuly 16, 2014November 8, 2017

This rendering shows how the new facade of Glens Falls Toyota & Scion will look when the $2 million expansion plan is completed by approximately the end of July.By Barbara Pinckney The $2 million expansion and upgrade of Glens Falls...

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Haviland Park Housing Development In Glens Falls To Be Comprised Of 50 Homes

Posted onJuly 16, 2014November 8, 2017

By Barbara Pinckney Larry Clute's plan to build 50 single-family homes along the Feeder Canal, across the bridge from Haviland Cove Beach, comes down to one word: Affordability. Clute, principal of Queensbury-based Clute Enterprises Inc., said his Haviland Park subdivision...

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Hudson Headwaters Raising Money For New $5M Health Center In Warrensburg

Posted onJuly 15, 2013November 8, 2017

This is what the new health care center will look like when completed, designed by Richard E. Jones Architects in Queensbury, with Sano-Rubin of Albany as construction manager A year after Hudson Headwaters Health Network secured a $5 million...

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Kamco Supply Corp. Of New England Is Building 33,000 SF Facility In Queensbury

Posted onJuly 15, 2013November 8, 2017

Kamco Supply Corp. of New England is building a 33,000 square foot facility in Queensbury to store and distribute building materials to customers in the region. By Simi Sinha Some 34 years ago Jack Sheehy started a small building...

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