Are you looking to purchase a property, but it needs a bit of work? Or, are you looking to build a home, ground-up construction? Or, do you have an existing home and want to add a room? We can help you find financing for these scenarios.

Renovation and construction loans have 2 approvals. One is the credit and income approval, which is required on all loans. The second is the approval of the construction project.

Renovation and construction loans allow you to roll the costs to build into the loan. You will need to have the building plans, specs, and cost breakdown completed and ready to give to the lender. The lender will review the project for approval. These documents will also be given to the appraiser, who will opine on the after-improved value.

Regarding construction loans, there is a one-time close construction loan, where the approval is obtained prior to starting construction. There is also a two-time close construction loan, where the approval is obtained prior to construction, and again after the project is completed when permanent financing is obtained.

If you are considering a renovation or construction project, give us a call, we can help.