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In the past, we talked about how to package a personal construction loan, and we've recently received a bunch of questions about it that we want to answer today.
One of the most important things is putting together your loan package. To do this, you need the answers to the following questions:
- What was the price when they acquired the land?
- Is the land worth more now than when they acquired it?
- Do they have a performer showing what current and future income will be?
- Is it a rent scenario? Or are they going to be selling as townhomes and condos?
You must know how to put the package together correctly so it is looked at and underwritten correctly. We at CRE Finance are here to help loan brokers and mortgage brokers do just that. You need to get a non-circumvent agreement and we can give you one that you can use!
We could go on forever about this topic - packaging a personal construction loan can be a big money maker for everyone involved. Give us a call or shoot us an email if you would like our help. Let's get some loans closed here in the last quarter of the year!
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