What happens in a year if we need more time to complete our business and our loan is maturing with Larry the Lender?

While our loans usually mature in one year, we will consider extending the note for a year for an additional three points. If a customer needs just a little more time, we will usually extend the note for one point for a three-month extension. Larry will only extend loans for customers with excellent pay history the first year.

Does Larry the Lender require surveys?

Yes. Long Answer: Existing surveys are often acceptable. Title companies require surveys in order to provide title insurance to lenders for possible encumbrances on title due to encroachments, boundary issues, easements, etc. Surveys also provide confirmation that the physical address and legal description represent the same property. Surveys protect both the borrower and lender.