It’s extremely difficult getting a Construction loan in today’s market. Banks and other financial institutions often conduct stringent evaluations and require extensive documents to get approved for a construction loan.
If finding the right construction loan seems like an impossible task, we’re here to provide you with the solutions you need.
Requirements For a Construction Loan
Banks usually require up to 50% equity on the land, as well as cash equity for the construction. You’ll also have to meet income standards, pass equity requirements, provide appropriate paperwork, and go through a lengthy application procedure.
Even after all of this, many applications are turned down and are left right where they started. Freedom Capital has two unique solutions that can help you get a construction loan with ease.
Borrowers prefer us over traditional banks because of our prominent market position. It can take
weeks or even months for a bank to approve a mortgage in today’s world. We can get you approved in as little as 24 hours*.
Freedom Capital’s Solutions For You
At Freedom Capital, we do the deals the banks won’t do. We can provide you with construction funds without stringent requirements or extensive applications. Let’s just say you own a rancher, and it’s outdated so you want to tear it down and rebuild. If you approach a traditional bank you have to income qualify and meet the equity requirements.
Our process is way less stringent. We are simply looking at equity. At Freedom Capital, we have two types of mortgages for you.
We’ll either give you a construction loan based on your equity, which will be enough for you to complete the construction and get done with the process. We can also grant you a second Mortgage only for the construction, which is something the banks won’t let you do.
Regardless of which option you opt for, our process is seamless. We’ll lend you the money based on your equity, allowing you to construct your principal residence or investment property, earn money, and continue to grow equity in the project.