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theres a senior piece then theres an interim lender and then the interim lender basically is there for the construction process and then once the property is built and there is a certificate of occupancy that piece then gets bought purchased essentially by the cdc welcome to the investor financing podcast where we interview real estate investors in lenders so you can learn all the secrets to getting your projects funded and scale your portfolio and now your host beau eckstein hello and welcome to another episode of the investor financing podcast and im your host beau eckstein and today were going to talk about the 504 debenture and what the heck this [Music] [Applause] [Music] is [Music] if you can look on the screen right now and sorry guys if youre watching or listening uh on itunes but you can go check out the youtube video uh after you listen to this but basically were talking about the 504 debenture so uh on the example we have on the screen this is for a construction proje