6 Miss. Code. R. 1-14.10 - Limits
The loan cannot be used to refinance existing debt, (except for Eligible Costs of the Project incurred subsequent to the date of inducement such as a construction loan), and shall not exceed ninety percent (90%) of the fair market value of the real and/or personal property acquired or constructed with the loan proceeds as determined by certified appraisal. The loan will be secured by a first mortgage lien on the Project and a direct pay letter of credit.
Notes
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