When applying for any loan, it is important to be organized and quick to deliver all required items to the lender so they can expedite your deal through the application process. Remember, brokers, underwriting staff and private lenders are trained to see through your financial blueprint and find the potential problem areas and inquire about them. With construction loans, the timeline is usually tighter than conventional loans and your competitive edge to WIN the contract is your ability to close. In order to accomplish all this, it is prudent to have the following items in order and ready to go at a moments notice:
- 2-years tax returns
- 3-months most recent bank statements (for all your accounts)
- Completed loan application form
- Personal Financial Statement
- Schedule of Property you own (otherwise referred to as “REO”)
- Detailed Rehab budget and/or estimated draw schedule
Most construction loans are for short periods of time (12 months or less). At Dalin Financial, our standard loan is between 9-12 months, with a minimum term of 6-months. Most loans have the option of being extended (if necessary), and interest rates generally will range from 12%-15% depending on the loan size and the rating quality of the borrower. (Borrower rating is usually comprised of, but not limited to: credit score, cash on hand, experience, property owned – if any, debt-service history and referrals – if any).
At Dalin Financial, we are committed to providing the best loan product and assistance to ensure maximum profit, growth and overall success. We urge you to CONTACT US or feel free to start a loan application by visiting our PRE-LOAN APP form today.