How unique are these loans? In a study by Countrywide Home Loans, only 1 in 10 loan agents has more than one construction loan each an entire year. So less than 10% make at least one credit each year.
This makes finding a loan professional who has experience in construction loans extremely complicated. Like all advisers involved in real estate, loan officers must be questioned by prospective clients. If you want to hire an expert in constructions loan then you can browse this site https://lendalmortgages.co.nz/.
Here are some of the questions people who are looking for a construction loan must ask their loan officer candidate
1. How many construction loans do you make each month? – Experience is everything.
2. How many sources do you have to get the construction loan? – More sources mean more possibilities.
3. Can you provide references and testimonials? – Word of mouth from another.
4. Go online and do a bit of research. – The Internet is an amazing source to gather information.
5. Be careful when applying online for construction loans. – Most websites are lead sites, and not real mortgage firms that focus on the construction loan. Your information is collected and then sold.
Let me provide an overview of the reason why construction loans are so difficult to determine. There are numerous other factors to take into consideration as you'll see below.
1. Is the property already owned? If so when was it purchased at what price and what's its value?
2. What is the soft cost of construction?
3. What are the construction costs of hard construction?
4. Have any products been paid for?
5. Do you have a General Contractor?
6. Is he authorized to conduct a deal with the lending institution?