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Construction financing is not as overwhelming as it seems.
We would love to be involved with your lender from the very
beginning.
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A FEW THINGS TO UNDERSTAND ABOUT CONSTRUCTION LENDING:
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- Very few construction loans will provide 100% financing, so be prepared to have a down payment and other costs.
- The interest rate for a construction loan is usually higher than a long term mortgage. Don’t let this deter you from the project. It is a short term loan and you only pay interest on the money you have drawn.
- The construction loan amount is based on your precise construction budget. You must have plans completed to get your budget finalized. Upon completion of a certain stage of construction (ie. Foundation) the bank will release the funds to pay that stage of construction. This helps protect you against a shortage of funds at the end of the construction phase.
- Upon completion of the project, the construction loan is paid off with the long term mortgage.
[/dt_vc_list][/vc_column][/vc_row][vc_row][vc_column][vc_empty_space height=”15px”][/vc_column][/vc_row][vc_row][vc_column][dt_quote type=”pullquote” background=”fancy” animation=”bounce”]Irontown Homes will work with your loan officer directly as the modular construction industry is a specialized lending field and many factors must be discussed to make the loan work properly. Our Finance Coordinators are available to help you with this process and prefer to be involved from the beginning.
[/dt_quote][/vc_column][/vc_row][vc_row][vc_column][vc_empty_space][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]For a list of preferred lenders or to get us involved with your lender [dt_button size=”medium” style=”default” animation=”none” color_mode=”default” icon=”” icon_align=”left” color=”” link=”https://irontownhomes.com/contact/” target_blank=”true”]CONTACT US HERE[/dt_button]
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