Construction Loans

We get questions about Construction Loans all the time. Unfortunately many of those questions are after they are in a bad situation.

This will be a short post but I want you to think about this information BEFORE you start. These are the major issues that you need to consider.

Construction loans are lender specific. Your best bet on this type of loan
is to work with a bank local to the property.

From our experience:

Most construction lenders will pay off the land loan at the initial closing.

Most lenders will not use equity in the land as down payment unless you have
owned or buying for at least one year.

Lenders do not like to make construction loans if you have already started
construction. This is totally real!

Good Luck