Construction Financing is not more complicated than financing a home purchase or refinancing of your existing home. There are all the same elements like an appraisal income and credit qualifications with a few exceptions.
- Funds are not paid out at once but instead by a completion schedule.
- Your contractor will need to be vetted by the bank for their qualifications and financial standing.
This is a simple explanation there are many ways to finance your project including cash, liquidation of other assets, refinance a primary residence and/or a credit line.
For more information about your specific situation ask a REEF Professional, or we can recommend local lenders with a wealth of experience.
