Almost Done with Construction? Let’s Work on Your Permanent Financing!
If you are not planning to sell the finished house immediately, we recommend starting work on your permanent (30-yr) financing 2 months before you complete the construction. The new lender will require another appraisal, and “certificate of occupancy” (that you’ve passed all final inspections) before they release the funding.
The benefit of financing big renovations with a construction loan, rather than a personal loan or a home equity line of credit, is that you’ll have stronger holding power to complete the project. A bank construction loan is always preferred, if you qualify. Sometimes a private money construction loan is more advantageous, depending on your own financial situation and timeline.
We Abundance are here to help you through the entire project of your construction. Make us part of your core team for the project.