Building a house gives buyers the freedom to build it the way they want. When buyers are on the market for a house, what they see is what they get. Sure, you can strip a house of its furniture, take a step back and imagine what it will look like when you have lived in it for a few years and made it yours. But it might not be what you envisioned. To build a house the way you want to, buyers need a construction loan.
Building a house gives buyers the freedom to build it the way they want. When buyers are on the market for a house, what they see is what they get. Sure, you can strip a house of its furniture, take a step back and imagine what it will look like when you have lived in it for a few years and made it yours. But it might not be what you envisioned. To build a house the way you want to, buyers need a construction loan.
A construction loan is a short-term loan used to finance the cost of building a house or real estate project. The length is reflective of the time needed to build the house, which is usually between six months to a year.
To be qualified for a construction loan, most lenders require a 20-25% down payment. Interest rates are higher because of a term called “prime-plus”. This is because funds are not secured by a completed home and are released as prearranged milestones.
There are a variety of loan options if you choose this type of loan. Not only for building a house, but renovation, deconstructing, etc.
The various options offered by Starboard Financial are detailed below:
Office: (480) 897-9777
Fax: (888) 344-2645
Email: construction@starboardfinancial.com
Starboard Financial Management, LLC
4145 E. Baseline Rd, Gilbert, AZ 85234
