Traditional construction lenders have trouble underwriting modular deals—and most borrowers don't understand why until it's too late.

In this episode:

• Why draw schedules don't match modular cash flow
• The collateral problem: modules in a factory aren't real property
• Appraisal challenges when comps don't exist
• Insurance gaps during transport and installation
• Why modular borrowers often need bridge capital or alternative structures
• What sophisticated borrowers do differently

Built Different is brought to you by Spring Street Management Group.

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