Pre-existing debt on the Project Property.

13 C.F.R. § 120.922
in effectEffective: 2024-07-01
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In addition to its share of Project cost, a Third-Party Loan may include consolidation of existing debt on the Project Property. The consolidation must not improve the lien position of the Lender on the pre-existing debt, unless the debt is a previous Third-Party Loan.

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