Construction loan, construction loans, construction lender, financing construction, loans for construction, popular loans for financing construction, Austin construction lenders

CONSTUCTION LOANS CENTRAL TX : FINANCING CONSTRUCTION : RESIDENTIAL CONSTRUCTION LENDERS : COMMERCIAL CONSTRUCTION LOANS : CONSTRUCTION LOAN : FINANCING CONSTRUCTION : CUSTOM HOME CONSTRUCTION LOANS : EXPERIENCED CONSTURCTION LENDERS AND INEXPENSIVE CONSTRUCTION LOANS

512developing is an established construction company that has access to many types of construction financing and experience with fitting the project and client with the right construction loan. We receive no kickbacks from any construction lending companies. It is very important to the construction lender and client that a reliable construction company signs on to the build out. We ask that you choose 512developing as your construction company ensuring all parties involved a timely and on budget build out. Our job estimating is extremely accurate and our building process is efficient, ensuring you savings and a successful building adventure. Here are some commonly asked questions when it comes to construction loans.

What kinds of real estate deals will you consider?
We have lenders on various property types - office, retail, multifamily, mixed use, industrial, mini-storage, raw land, residential lots, commercial land, rehabilitation and new construction. We have commercial lenders and have creative financing options on owner-occupied residential property.

How quickly can you close a deal?
Generally, a lender can commit and close as quickly as 10 days from application. In some cases they can fund loans in as little as 48 hours.

Does 512developing broker loans to third-party lenders?
No, 512deVeloping is not a lender, but we have great relationships with lenders and you will need that out of a construction company. We use private lenders that fund construction loans, enabling you to complete your deal as quickly as possible.

What are typical construction lending limits?
Generally loans range between $100,000 and $1,000,000. Larger loans up to $2,000,000 will be considered on a case-by-case basis.

Do construction lenders require personal guaranties on loans?
All loans require a personal guaranty from the principals involved in the transaction.

Will construction lenders lend on collateral other than real estate?
Typically lenders only fund loans secured by real estate, but there are definitely exceptions

Will you do a second lien?
While our primary lending is on first liens, we can structure second liens as well.

What is the typical loan term?
We generally offer loan terms of 12 months, but will look at each deal and structure the loan around its needs. The longest loan term we offer is 18 months.

What are construction loan interest rates like?
Rates are from 10% to 20%, depending on the deal and its evaluated risks, such as property type and loan to value.

Why banks don't you use banks?
Banks have restrictive lending requirements and take longer to approve and close a loan. Since our lender groups have more flexible lending guidelines, we can often move more quickly to fund the loan. Private construction lenders often take a broader view of risk assessment and asset valuation. By all means use your bank if you get a better rate and have a fabulous relationship with them.

Are there any other fees involved in closing the deal?
The other fees involved in the closing of the loan are for third party fees such as title, survey, broker, appraisal, environmental, and legal. In addition to the third party fees construction lenders typically charge commitment and due diligence fees up to 3% of the loan.

Who orders title, survey, appraisal?
Typically the borrower orders the title and survey. If the borrower already has an appraisal, a review of the appraisal will be done to determine if it meets the chosen lender's guidelines. If the borrower does not have an appraisal, the lender will order the appraisal at the borrower's expense through one of the construction lender's approved appraisers.

What about problem situations such as bankruptcy, foreclosure, bank workouts, and tax issues?
Often they can structure a loan around a borrower's unusual financial circumstances. Since we typically don't use banks, our construction loans are not bound by strict banking guidelines and can structure each loan to fit the situation.

In today's business climate, real estate entrepreneurs must move quickly to capitalize on investment opportunities. At 512deVeloping, we understand your need for fast decisions and follow-through. With lots of experience in the real estate industry, we have the knowledge to evaluate each deal on its merits and direct you to appropriate financing. No bureaucracy. No lengthy loan approvals. You get fast loan decisions that enable your project to quickly take flight.

We primarily serve clients in Texas. Other markets are considered on a case-by-case basis.

When working with 512deVeloping we can help you obtain:

•Hard money loans

•Commercial bridge loans

•Short term commercial loans

•Asset based loans

•Residential construction loans

•New custom home loans

Financing Construction

~Modern Designs at Ancient Prices~

Construction Financing Part 1

You'll need both a construction loan and mortgage for a custom home

Financing can be a confusing aspect of building a new home because custom-home buyers need to obtain a construction loan and a residential mortgage. The construction loan acts as a short-term line of credit while the mortgage supplies funds on a long-term basis with an amortized payoff.

It's wise to investigate your borrowing capacity prior to embarking on the home-building process, but you probably won't need to secure your financing until you've purchased or reserved the site for your new home, approved the design, building plans and written specifications for your home and signed a contract with the builder.

How construction loans work

Few subcontractors and suppliers can afford to wait until your home is completed for payment for the labor, materials or products they've provided. That's where your construction loan comes into the process. This credit line is used to pay the subcontractors and suppliers on a timely basis during construction.

Once each month or as specific stages of construction are completed, you or the builder will prepare a request for funds called a "construction draw," which is submitted to the lender or the title company to pay for work completed thus far. Partial payments may be made to major subcontractors whose work extends through several stages of the home-building process.

Subcontractors and suppliers typically agree to waive their lien rights against the home upon payment. Most lenders will require that you pay for extras and changes as those expenses are incurred. Expect to pay a portion of the builder's overhead and direct job expenses with each draw, unless your contract with the builder states otherwise.

Construction Financing part 2

Although it seems counterintuitive, you must apply for a residential mortgage and have the lender's commitment for that loan in hand before you will be able to obtain a construction loan. Very few lenders will approve a construction loan without being assured that a "permanent" mortgage will pay off or "take-out" the construction financing when the home is completed.

Get your house in order

The extensive documentation required for both the construction and mortgage loans will include verification of your employment (e.g., W-2 forms and paycheck stubs) or documentation of your self-employment income, verification of your assets (e.g., savings and investment account statements), your income tax returns for the last two or three years, your construction contract with the builder, the plans, specifications and cost breakdown for building your home and the purchase contract for or title to the site where your home will be built. The construction loan lender will require a "take-out commitment" letter to verify that you've applied for and obtained a "permanent" mortgage.

If you obtain both loans from the same lender, you might be able to minimize providing duplicate documentation; however, construction and permanent loans usually are handled by different departments, so you may still need to provide two complete sets of documents. It can be beneficial and easier to deal with one lender for both loans, but that's neither required nor always the best option.

Lenders are beginning to make construction/perm loans, which wrap both parts of the financing into one package. The construction loan simply converts to a permanent mortgage when construction is completed. Although construction/perm loans can work well, they aren't necessarily the best option for every situation. Try to obtain the best rate and terms available for your long-term mortgage, regardless of whether it's connected to a short-term construction loan. Once you have a commitment for a mortgage, a construction loan usually should be relatively easy to obtain.

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We understand that there are a lot of options available to you when it comes to getting the right CABINETS. That’s why we work hard to make sure that your experience with us leaves you with the satisfaction that you made the right choice.

Free Cabinetry Consultation, (512)350-0839 or email cabinet questions to: contact@512developing.com

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We can help you design your new construction project, build it out and point you to appropriate financing. FREE CONSTRUCTION LOAN and CONSTRUCTION FINANCING CONSULTATION CALL 512-350-0TEX(0839) Central Texas only, many more finish out pictures available upon request.

Free Construction Loan Consultation, (512)350-0839 or send financing questions to: contact@512developing.com

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