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The following article was published in our article directory on November 5, 2020.
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Understanding How Construction Finance Works

Article Category: Business

Author Name: David Farrell

These days, you can find traditional mortgages practically everywhere. However, there is often a catch: you can only use the loan proceeds to buy an already existing home.
A construction finance or loan is different. The loan can finance anything related to building a new home, business structure, or even a garage. You can also use the proceeds to renovate or buy land, in case you don�t have ownership of the property yet.
A construction loan may be less popular compared to a standard home loan. However, it is now available from many lenders. If you�re considering of getting a loan,  HYPERLINK "https://100percent-propertydevelopmentfinance.com/property-bridging-loans/"
learn more about the basics, and determine how different lenders handle the details.

How Construction Finance Works
A type of short-term loan intended for real estate, a construction loan can used for the following:
Buy land
Build on a property you own
Renovate an existing structure (if allowed by your program)
Construction loans are akin to lines of credit in the sense that you only get the amount you require to complete project milestones through advances. Thus, you only need to pay interest on the actual amount of money you borrow.
This is in contrast to a lump sum loan that makes 100% of the loan principal readily available. But, you also need to pay the interest on the total balance right away.

Construction Finance Payments
While still in the construction stage, you are usually required to make interest payments (in some cases � no payments) only. Interest payments are computed on the outstanding loan balance. Payments typically start 6 to 24 months after the release of the loan.
Payments to Contractors
With every project milestone or progress, the builder or you can request for a progress payment for the work so far completed. An inspector is often tasked to verify that work has actually been done. However, inspectors don�t usually evaluate the work quality. If everything is found to be satisfactory, a disbursement is made, often to the builder.

Temporary Funding
The duration of a construction loan is usually less than a year. Payment is typically made using another �permanent� loan. The end of a construction loan often happens upon the completion of the construction. To have the loan retired, you need to get an inspection and appraisal on the finished property, and then refinance it into a more appropriate loan.
It is never a good idea to keep the loan for a long time. You must repay it as soon as possible. This is because a construction loan bears a higher interest rate compared to a traditional home loan.

Final Word
Having a plan is always a good idea. Even better if you have the flexibility. A construction project is prone to surprises and delays. Thus, always provide for wiggle room in your timeline and in your budget.
Learn more about how you can benefit from  HYPERLINK "https://100percent-propertydevelopmentfinance.com/property-bridging-loans/"
100% construction finance form the experts.

Keywords: Development finance, construction finance, bridging loans, 100% development loan

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