Construction Loan Financing Tips
(PRWEB) June 20, 2007 -- So you're looking for the perfect new home for you and your family; but after endless searches through the real estate and classified sections of your newspaper, you realize that your dream home has yet to be built. Building your new home from the ground up however, can easily turn into a nightmare with complications arising from county regulations, license acquisitions, contractors and paperwork.
Kevin Levine of Panorex Commercial Real Estate Investments suggests a way for potential home buyers to acquire their new, perfect home while simultaneously making a strong investment. "If you're looking to build the perfect residence, why not build a multiple unit complex, occupy a unit yourself and sub-lease the other units of the complex. While satisfying your dream of building your custom home, you also invest in a property which will bring you income and equity in the long run," states Levine.
Typically, to finance the construction of such a project requires taking out a construction loan. Before jumping head first into construction loans, it is critical to have a basic understanding of what they are. In simplest terms, a construction loan is a loan product with a fixed, short term (usually 12, 15 or 18 months), which allows the borrower to finance construction or improvements of a property. Individuals must qualify for the loan with their FICO score, liquid assets, and other lender-related criteria.
A borrower must also understand that construction loans can be risky. However, there are certain tips to consider which can help to get the best terms on a construction loan. First, Levine suggests, is to purchase the parcel of land you intend to build on before applying for the loan. When securing the land initially, lenders will most likely offer better terms on the loan. Second, a better option for financing is a construction-to-permanent program, in which the construction loan is converted to a mortgage loan with long term financing. This option offers the advantage of a single loan requiring one application and less transaction costs. And last, instead of going directly to the bank for a loan, go to a loan broker, who will have access to various loan options from a myriad of lenders and can customize the best loan option to fit your plans.
Panorex Commercial is a Southern California based company servicing purchases and sales of single commercial properties or entire portfolios. For more information regarding financing and finding a broker to fit your investment needs, contact Panorex Commercial Real Estate Investments.
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This press release has been reprinted from PRWEB per the terms and conditions of the copyright notice.
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