Having worked in construction before, I know all too well the stresses associated with construction loans. So, what differentiates a construction loan?
1. Lenders will assist during the build, by offering interest only repayments to assist cashflow for 1 - 2 years
2. The security value is calculated using the land contract, plus construction costs, as if it is completed. If you purchased the land >12 months ago, the val may be stronger if the land value has increased substantially
3. We can include separate quotes for pools / landscaping / driveways & finance this as well
4. A valuer will inspect the progress at certain stages, before signing off the progress payments (the builder is paid incrementally)
5. Not all lenders like to play in this space !!! Our favourite construction lenders - Bankwest NAB Macquarie Group
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1moCongratulations. We need to have coffee and catch up.