Sworn Construction Statement. One of the documents required by a lender is a sworn construction statement from a building contractor. A sworn statement is an itemized list of all individuals and companies who have provided improvements, materials, or labor toward the construction project. This includes bids from subcontractors and suppliers for all labor and specific materials that go into the construction of the property.
Investment Characteristics. Most commercial paper has a maturity of about 45 days, and most are less than 90 days, although some commercial paper has a maturity of up to 270 days. The terms of the commercial paper is determined by a number of factors. One factor is the market.
With a standard fixed-rate home loan, the balance and interest are typically amortized over the course of the loan. The payments will be consistent every month until the whole loan is paid off. With a commercial loan, however, is characterized by a much shorter term (usually between 5 and 20 years compared with a 30-year home loan) and followed with a balloon payment at the end.