Real Estate Investing Dictionary
Construction loans are story loans. The lender needs to understand the story of the intended construction previous to loaning money.
Many banks don’t back construction. At The Investor’s Source, we do. If you’re a purchaser building a residence, or a contractor constructing a custom or spec home, a hard money loan can be the best choice for financing the construction. You’ll need to give us a comprehensive plan of what you’re looking to construct, and tell us what you mean to do with the property. We will also need to see your contract with qualifications of your builder.