§ 242.15. Limitation on refinancing existing indebtedness.
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/us/cfr/t24/s§ 242.15·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Some existing capital debt may be refinanced with the proceeds of a section 242-insured loan; however, the hard costs of construction and equipment must represent at least 20 percent of the total mortgage amount.
(b)In the case of a loan insured under Section 242/223(f), there is no requirement for hard costs. However, if there are hard costs, such costs must total less than 20 percent of the total mortgage amount. \[78 FR 8341, Feb. 5, 2013\]
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§ 242.15
Limitation on refinancing existing indebtedness.
Fed. Reg.×1
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