Construction Loans Explained

[@jeahhh]

7:05 is very sage advice

[@ellef4812]

Dumb question: when we obtained a construction loan the interest reserve was added to it (around $35K I believe), is that interest now tacked onto (rolled over) to the mortgage loan once construction is done?

[@RealEstateFinanceAcademy]

Not a dumb question at all! It depends on how it was structured. If you have a copy of your term sheet or promissory note, I can give you some guidance. If you like, you are welcome to me at [e-mail] to set up a quick call and I can easily walk you through it. Depending on who is doing your perm loan, you may be able to negotiate away some of the fees. Happy to help. - Trevor

[@ellef4812]

@@RealEstateFinanceAcademy will definitely send some info to your address you gave me, hopefully tonight. Thank you and I truly appreciate any/all advice!

[@kasokachibanga8837]

I prefer a conventional loan 💵 to a construction🛠 loan.

[@RealEstateFinanceAcademy]

Most people do, unless they're trying to build something. 😉👍🏻 - Trevor

[@ericterrell5387]

👍🏾👍🏾

[@RealEstateFinanceAcademy]

Thank you, Eric! - Trevor