There Are Many Ways To Get Construction Financing For Custom Homes Or Buildings, But Some Lenders and Investors Have More Favorable Terms Than Others. Let GIS Help You Find The Loan That’s Best Suited To Your Project.

 

Let GIS Assist You In Acquiring The Right Funding For Your Construction Project

Our team has a broad range of experience in assisting our clients as they work through the process of getting construction financing. As you approach your project it is good to know what to expect.

While lenders and investors may vary in terms of the paperwork and types of work you have to do to apply for funding, here are some of the steps you can anticipate as you apply for your funding.

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GIS Will Help You Identify The Types Of Loans And Lenders That Offer The Best Terms For Financing Your Custom Home Or Building Project

Over the years our firm has worked with hundreds of lenders. Lenders often have similar requirements, but lenders also tend to specialize in different types of loans, and our team is familiar with the variety of loan types and the options that might be most beneficial for you. Therefore, we recommend that we visit with you prior to your formal application for funding. We can help you identify the right kind of loan for your situation, and also provide you with the necessary paperwork that the lender is likely going to require in order to receive approval.

Some financial institutions do not offer loans for new construction, remodels or renovation projects. We keep a list of local banks, credit unions, or other lenders and investors willing to provide funding for new construction, remodels, renovations and even on difficult critical area sites.

Evaluate Your Financial Standing And If Necessary, Fix Any Issues That May Be Negatively Affecting Your Credit

Your lender will look at your credit history and your credit score. What they find can impact both whether or not you are approved for a loan and can also affect your loan terms as well as your interest rate. It is best to check your own credit prior to your application and make sure that any issues that are negatively affecting your credit are resolved.

How To Prepare For The Construction Financing Process

Use The Loan To Fund The Build

Once your construction loan is funded, you will be able to make draws from the loan in order to pay for the building project. Your lender may send officials out to inspect the project, or they may require reports regarding the progress of the project. Our detailed and itemized financial reports are what you need to keep your lender in the know regarding your project. Most construction loans only require that you pay interest on the amount withdrawn on the account each month rather than requiring you to pay interest on the entire loan amount. The careful management of cashflow can also make your project run smoother and save you money!

Request A FREE Site Visit From A GIS Expert

If you are considering developing a site in the Seattle area and would like the opinion of an experienced professional, click the “Free Site Visit” button and we will schedule a time to meet with you.