Construction Financing - Underwriting Fundamentals 101
Construction Financing
Today, we're talking about construction financing.
So this one can be a little intricate.
There's a couple of ways to finance the project.
So one is for some of our bank partners and credit unions.
Okay. The cool thing with having multiple lenders is for your projects is that we can shop around, but not only does the rate, you know, matter per deal.
What also matters is the flexibilities, because certain lenders, when you're building a new property, they're going to want you to have so much more funds.
Some have different amounts of progress draws that they do.
So a lot of the banks are capped at three or four, or we can work with the construction lenders that some of the builders use and they can do unlimited drops. Right?
So if you have a project coming up and are a little bit tighter on funds, we can still help you.
But you just need to know the lender's policies and your financial situation so we can match up the best lender for you.
Talk to a Mortgage Professional
There are plenty of financing options for new constructions out there for you, but the best way to find the program that is best for you is to talk to a mortgage broker.
That way we can take you plans and compare them to major construction lending programs such as the Rental Construction Financing Initiative to determine which one will help you find the greatest success.
To get started today, simply book a free strategy call at the link below and we can start going through the options available to you.