American Log Mortgage

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American Log Mortgage
Div. of First National Bank of Chester County
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Step Four - Disbursement Schedule
(Illustrates how money is funded during construction based on a predetermined set of draws. Draws are paid as work progresses during the construction phase of the loan)

- Change Orders - Any change orders that are not given to the loan officer prior to the mortgage closing will not be incorporated into the draw schedule. The borrower(s) will be responsible for any change orders to their log package or construction contract.

- Freight - The cost of shipping the log package from the manufacturer to the borrower's job site. Freight that is not included in the log manufacturer's contract is the sole responsibility of the borrower.

- Sales Tax - Depending on what state the borrower(s) are building in and what state the logs are purchased from, sales tax on the log package may or may not be included in the contract. If sales tax is not included in the log contract, the tax is the responsibility of the borrower(s).

- Finalizing Disbursement Schedule - Upon completion of the disbursement schedule, both the borrower(s) and builder are asked to review and approve the disbursement schedule.

- Disbursement Revisions - Changing the disbursement schedule before initial settlement is acceptable with the approval from the American Home Bank Construction Department. Revisions after initial settlement are also subject to the approval of the American Home Bank Construction Department. Changes after initial settlement are frowned upon and not easily granted. It is encouraged to thoroughly go over the disbursement schedule with the builder prior to the start of construction.

Step Three
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