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Choose a Lender/Set-up Financing

Most of our clients finance their new home project via a construction loan…

Some points to consider are:

• Does your lender offer a rate lock program, which enables the borrower to lock-in an interest rate on their end loan for an extended period of time (generally 12 months)?
• What points and fees are associated with their construction loan programs?
• Does your lender charge for each draw?
  

If your lead-time is a bit longer, and your plan is to purchase the property and wait, rather than immediately starting following the lot closing, then perhaps a Lot Loan is the right vehicle. Not all lenders offer Lot Loans, so be sure to ascertain whether your lender offers this program.

For a list of lenders, click here

For a printable version of this guide click here