New York Lien Law ยง 22 requires that a building loan contract, in writing and duly acknowledged with a statement under oath, must show the consideration paid, all other expenses to be incurred in connection therewith, and the net sum available to the borrower. We are updating our NY Section 22 Affidavit (Cx14622) to remove the references to the Mortgage Loan agreement. This document is not presently utilized in our Construction loans. We also are removing the references to rehabilitation, replacing it with the word construction instead to add clarity.
Effective Date
These changes will be in effect on July 12, 2022. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
COM-250
DR-81665