Construction Loans FAQ

                               

  
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Construction Loans Frequently Asked Questions

  
  •  When does the construction loan term begin?
 •  How do you know where to wire the funds?
 •  Who does the borrower contact to request funds?
 •  How quickly can the initial draw request get processed?
 •  How much can the borrower get for start-up costs?
 •  Will construction loans allow the borrower get reimbursed for pre-paid items?
 •  What are hard costs?
 		  
 
•  When does the construction loan term begin?
 •  How do you know where to wire the funds?
 •  Who does the borrower contact to request funds?
 •  How quickly can the initial draw request get processed?
 •  How much can the borrower get for start-up costs?
 •  Will construction loans allow the borrower get reimbursed for pre-paid items?
 •  What are hard costs?

 •  What are soft costs of construction?
•  What are deposits?
 •  How does the loan disbursement process work?
 •  Is there a set schedule for requesting draws?
 •  How does the borrower request a draw?
 •  How will borrowers know if their draw request has been approved?

 •  How long will it take for the borrower to receive the funds after the Draw Request has been made?
 •  How many inspections are allowed and what is the cost?
 •  Who does the inspections?
 •  What is the Lender's Contingency Account?
 •  What is the construction loan interest Reserve?
 •  How are deposits for kit and modular home handled?

•  What does the borrower do if an extension of the construction loan term is needed?
 •  Is there a fee if an extension is needed?
 •  What is required to roll the construction loan to a permanent loan?

 •  How is the Final Draw Request made?
 •  If the borrower is an owner/ builder:
 •  If the home was built using a general contractor:

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 •  Construction Loan Budget
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