Construction Loan Extension Request

I am writing to formally request an extension for the construction loan (Loan Number: [Loan Number]) that was originally set to mature on [Original Maturity Date]. Due to [Reason for Extension], we require additional time to complete the construction of the property located at [Property Address].

Background: Our construction project began on [Start Date], with an estimated completion date of [Original Completion Date]. However, unforeseen circumstances such as [Detail Specific Issues, e.g., supply chain delays, adverse weather conditions] have hindered our progress. Despite our best efforts to adhere to the original schedule, these issues have caused delays.

Request for Extension: We respectfully request an extension of [Number of Months/Years] to the original loan term. This additional time will enable us to finalize the remaining construction work and ensure that the property meets all required standards. We anticipate completing the project by [New Estimated Completion Date].

Financial Impact: To accommodate this extension, we propose the following modifications to the loan terms:

1. New Loan Maturity Date: [New Maturity Date]
2. Revised Payment Schedule: [Details of Proposed Payment Schedule]
3. Additional Fees: [Any Additional Fees or Adjustments, if applicable]

We understand that this request may require adjustments to the existing loan agreement, and we are prepared to discuss any necessary modifications to ensure that both parties are in agreement.

Supporting Documentation: Attached to this letter are the following documents for your review:

1. Updated project timeline
2. Detailed explanation of delays
3. Revised budget and financial projections
4. Any other relevant documents

We appreciate your consideration of our request and look forward to your favorable response. Please feel free to contact me at [Your Phone Number] or [Your Email Address] to discuss this matter further or to arrange a meeting.

Thank you for your understanding and continued support.

Sincerely,

[Your Full Name]
[Your Position]
[Your Company Name]
[Your Contact Information]