Ferrell Building Group understands how important it is to work alongside a lender who offers competitive rates, financing programs, low settlement costs and long-term rate lock options designed specifically for new construction. We have maintained a longstanding relationship with some of the best and most experienced lenders in the area. Please feel free to contact anyone of these lenders who all have an understanding of the home building process and know what you will need when it comes time for closing. Let them know you are working with Ferrell Building Group!
Construction Loan Applications, What do lenders look for.
Getting a construction loan is going to be different than trying to acquire a traditional mortgage loan. Here are some of the things that a lender is going to look for when approving someone for a construction loan.
When you are trying to get a construction loan, you are going to need to own some land in most cases. The lender likes to see that you are the owner of the land that you plan on building on.... It will be more difficult to get financing to pay for the land and the construction of the property in one loan but not impossible.
Blueprints or plans
When you get a construction loan, the lender is also going to want to see some construction plans. The lender wants to see that you have chosen the design of your house and that you know approximately how much it is going to cost. The more detailed that you have in these plans, the better chance you have of getting approved.
The lender is also going to want to know details about the contractor that you are planning on working with. They are going to want to make sure that the contractor is reliable and that their estimates can be trusted.
We have six banks that we are an approved builder with. Please give us a call and we can give you the name and number of our contact at each one of these banks. 1-813-409-2536
Mid Florida Credit Union
First Federal Bank of Florida