Submitted by Jack Ulrich on Wed, 02/27/2019 - 13:51
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If the project cost increases due to unforeseeable circumstances, will my lender allow me to increase the loan amount?
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Generally, yes. The loan amount can increase to accommodate the new project costs if you still qualify for the new loan amount based on your credit profile. The new loan amount must not exceed the maximum ($50,000) allowed in the REEL program, and the project must still meet program eligibility requirements. Contact your lender if you foresee the need to increase your loan amount.