1. Finding And Securing A Construction Loan-Part 2

    Welcome back! Yesterday, we defined what a construction loan is and the initial stage of application. Initially, the process can seem confusing, but these posts aim to simplify the process. One thing to strongly consider is prequalifying for permanent financing. Remember that a construction loan is generally much larger than a traditional loan. As a result, the lender will be assessing your risk p…Read More

  2. Finding And Securing A Construction Loan-Part 1

    Getting approved for a construction loan is important. However, the process of securing the financing doesn’t have to be difficult. With the right people and the right documentation, it can be a relatively smooth process. Today, we’re going to talk a little bit about how to get a construction loan, and how to find one that’s right for you. First, let’s define what we’re talking about. Co…Read More

  3. 5 Signs Of A Great Borrower

    Frequently, when a bank or approves a loan to a customer, they have no idea what kind of person they’re doing business with. While they’ll do their due diligence with credit checks, that’s not the only way to determine the caliber of the customer. Want to determine the reliability of a person? Don’t worry about what they say. Rather, watch how they live their lives and conduct their busine…Read More

  4. 3 Signs Of A Solid Fund Control Company

    If you’re preparing to partner with a fund control company to assist with managing your construction loans, there are a few details you’ll want to keep in mind. There are the obvious things, such as a company that has extensive experience in dealing with these kinds of loans, intensive knowledge when it comes to the details, and an overall understanding of construction management. However, the…Read More

  5. Mechanic’s Liens Explained

    Part of understanding construction loans is understanding risk mitigation. For subcontractors and individuals who perform work on a home, either a new structure or a remodel, they reduce their risk by using mechanic’s liens. What is a mechanic’s lien and how does it affect your building project? A mechanic’s lien is a provision that allows subcontractors who perform work on a property to ret…Read More

  6. 5 Key Differences Between Construction Loans and Mortgages

    You’ve decided to build your own dream home rather than buy an existing structure. You need to acquire land, find a builder, develop a plan, and secure funding for construction. Do you need a mortgage? A traditional loan? Home construction loans exist to help you build the home of your dreams. They’re distinctly different from mortgages, but those differences can be confusing. Key Differences …Read More