When it comes to securing financing for your home building projects, time is certainly money in this case. The last thing a builder wants is to be waiting for the application process to close out, while they could be focusing their efforts on securing and selling more properties and growing their business.
When you are working with the local construction spec loans company, they will handle everything internally so that you are able to get that funding in a timely manner.
The first thing to consider when it comes to builder spec loans is who is handling all the specifics. Too many lending institutions will draw in applicants, but as they get deeper into the loan process, things are then handed off to outside agencies like a third-party underwriter. Now the process comes to a grinding stop, as a new person in introduced to the process and needs to do things their way. At this point, more information may be needed, things may need to be changed, or there could be information that was misunderstood along the transition that needs to be addressed. When working with the local builder spec loans team, everything from underwriting to closing is done in-house. That not only lessens the overall processing time, it eliminates confusion that can delay the closing.
The benefits to working with a skilled builder spec loans company can not be understated at this point. There are too many things that will slow down the process when you are working with a local bank, with the builder spec loans specialists, things are meant to move along quickly. The team can set things up so if you purchased multiple properties on one lot, all can close at the same time. There is 100% transparency, from underwriting to closings, and with one originator, you can expect that one relationship to be more personal too. This all means for the builder easy loan approvals and the cash that you need for buying properties in your hands when you need it so you can focus efforts elsewhere.
There are so many small to medium-sized builders who are struggling to get funding while their financial institution makes them jump through numerous hoops that only drag out the process. The local builder spec loans team are committed to working closely with builders at every step in the application and loan process so the funding can be released as quickly as possible. For more info like this visit: ConstructionSpecLoans.com