Regardless if you are looking to invest in a number of properties or you need land for houses that your company is building, now is the time to be shopping around for builder spec home financing. Don’t just settle for any lending institution, they certainly are not all created alike. ConstructionSpecLoans.com brings us a few things you should be considering when you are in need of builder spec home financing.
- Be sure that the you are dealing with one loan originator, because this means that there will only be one servicer and one relationship for you to be dealing with throughout the entire loan application. This will help to speed up the process so that you are in the best position to get the funding you need in a timely manner and can keep your process moving along smoothly.
- There are a few little things that could impact the servicing of your loan. When you are still in the market for the builder spec home financing, be sure that the local lending institution has no retainage hold-backs, that they offer the customer flexible draw schedules, and the lender will provide easy builder or investor approvals.
- Don’t just settle on a builder spec home financing company that is big on promises and short on results. The time to be asking all your questions is now, not when the loan has been passed from officer to lending officer. Regardless your concerns or needs, be sure to get the answers first, then you will be in the best position to choose a lender that has your best interests at heart.
- Look for a builder spec home financing team that does all the underwriting in house. If you are dealing with a lender who involves third-party underwriters, the entire approval process can be dragged down to a crawl. This is something you can ask right up front that can save you a ton of headaches on the back-end of your loan.
- Ask about the turnaround time on your loan. Most builder spec home financing teams will be in the position to do closings around thirty days after the final contracts are in hand. Any longer than that can impact your ability to run your business.
As you can see, not all builder spec home financing companies are alike. Take the time to choose carefully today and the process will be pain-free and move along in a timely manner from application to closing.