How does it work?
We can help evaluate your options before you buy. A typical loan covers a percent of the total purchase cost plus the construction needed to complete the project.
The construction money is funded at closing and we pay draws to you as you complete construction phases. How many draws? As many or as few as you need.
Just four easy steps to demo day
Step 1: Apply.
Complete our application. In this step you?ll answer questions about yourself, your assets and your income. You will also describe your deal for which you seek financing. Tell us about the property and what your plan is.
Step 3: Processing
If your property is under contract, and you have agreed to our GFE, we send the file to the closing attorney to begin title work. At this time, we typically order an appraisal of the property. As a lender, we require the attorney to provide lenders title insurance. It’s common for borrowers to also want owners title insurance and it costs less if purchased at this time. You will also need appropriate insurance coverage identifying us as the mortgagee.
Get to work!
We itemize all the tasks needed to complete your project into individual jobs. As you complete each phase, you request a construction draw for reimbursement. On your draw request, we inspect the property and allocate a percentage of each line item job. We then wire the draw amount into your specified bank account.