Pre-existing debt on the Project Property.

CFR · 2024-01-01 · US · Title 13

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.

official document · source cfr-2024 · id 13:§ 120.922