Permits, building supplies, sub-contractors, seasonality and the list goes on for why you might need more time to complete your project than you initially planned. The following article explains how to initiate a Loan Extension Request to get the time you need.
If you're not sure if you have loans coming up on maturity, we have good news for you, you can find this all on your Borrower Dashboard.
After you've logged in to your Dashboard you'll see the below screen. Click on the "Upcoming Maturity" tab to see all of your loans coming up for maturity. Find the loan that you need to request an extension for and click the "Request Extension" button.
This button will take you to a form that you need to complete for us to consider your extension request. Fill it out with as much information as you can. Uploading proof of insurance through the requested new term of the loan is very important. You may need to reach out to your insurance provider in advance to get this. Please plan accordingly as this is the main thing that holds up extension requests.
Pro Tip: If you have a loan that needs an extension and for some reason it isn't listed here, you can go to this link and get the extension process started.
The below explains some of the information that you'll need to provide and other criteria we consider when reviewing extension requests.
Loan Extension Requirements:
Payments Current: Your loan must be current on all interest due at the time of extension. To learn more about setting up your account with the loan servicer and making payments click here.
Property Insurance: You will be asked to provide proof of insurance through the new loan term. You may need to reach out to your insurance broker to extend your policy prior to completing the extension request.
Project Update: The form will ask you to provide some explanation as to why an extension is needed, when you expect to complete, percentage complete to date, etc. Please provide sufficient detail so we can expedite your final approval.
What to Expect Next
A member of our team will review your request and confirm all requirements have been met.
We will consider the requested term and pricing and either proceed as you suggest or come back with alternative terms.
Once terms have been agreed, we will prepare extension paperwork and send to you for e-signature.
Once you sign, we will set up the extension fee in the loan servicers system at which point you will need to remit payment if you choose the upfront payment option.
Once payment has been received, your maturity date will move out to the new agreed upon date.
What Happens if I don’t Extend?
If you choose to not extend your loan and do not pay the loan off in full by the current maturity date your loan will be in maturity default.
This means your interest rate will increase to the default rate per the terms of your loan.