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Construction Financing - Just read more page as it is - Dreamworks Construction
Sun, Nov 18, 2018 00:54
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Construction Financing

BUYER PRE-APPROVAL
If traditional financing is required, the buyer will need to get
approved for permanent financing. Once Approved, documents
can be submitted to the bank.
 
DOCUMENT SUBMISSION 
The bank will require plans, budgets, etc,. and will perform surveys
and appraisal. After the documentation is processed and sent through
underwriting, a clsoing date is set.


INTERIM LOAN CLOSING
At this step, the buyer and builder will go to closing and sign the final
documents.
The bank will issue the builder the first advance towards
begining construction.