Construction loan tips?

By creede

Can I just tell you what a pain it is to try and get a new construction loan. It absolutely amazes me how much time, effort and money you have to put into it before you are even ready to apply. We are currently racing the weather clock to try and see if we can get this project done before snow is on the ground. I have bids from the roofer, and millwork and thats about it. I finally got a hold of the drywall guys today, so I should have a bid from them on Wed. Still waiting for bids from electrical, framers (who will be doing siding too) windows and doors. I haven't even been able to find a concrete guy yet, and I haven't even thought about painters. After all that I just have to cross my fingers that the bids will come in low enough.

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November 20, 2006

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creede

November 28, 2006

cooljames, I think a lot of it is because I am acting as GC. I have been working on estimates actively for about 3 weeks now. We are ready to break ground asap. Hopefully before it snows too much here.

cooljames

November 27, 2006

I'm in the early stages (soil sample & geotech survey) of a new home construction, and, albeit the result of my lack of experience, didn't expect a hassle when I approach the banks.

Can I ask, are you hitting so much red tape because you're acting as your own general contractor? How long has it taken you to compile all the estimates? How far into the official project are you?

creede

November 20, 2006

wow, thanks for the super quick reply. I'll check it out.

AsktheDecorator

November 20, 2006

If you need help with contruction loans, the Construction Loans Guide at Finackle might be of some help. It runs through the basics of how contruction loans work.