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In this video, we're talking about construction loans or more specifically the main differences between conventional purchase and refinance loans and construction or renovation loans.
The qualifications are different, the requirements are different, and it's much more difficult to get a construction loan than it is to get a conventional loan.
I also have a lot of the forms necessary to apply for a construction loan at evergreen.llc
[00:00:30] Loan Purpose
[00:00:52] Loan Disbursement vs. Draw Schedule
[00:01:40] Fixed Rate vs. Variable Rate
[00:02:09] Down Payment Requirement
[00:02:40] Net-Worth & Guarantee Requirements
[00:03:31] Risk Premium
[00:04:30] Payment Terms
[00:05:01] Flexibility in Terms
[00:05:53] Loan-to-Value (LTV) vs. Loan-to-Cost (LTC)
[00:06:28] Short-Term vs. Long-Term
[00:06:57] Get Help on Get a Construction Loan First
if you still have questions, contact me at Evergreen.llc, or reach out, put a note in the comments, and thanks for watching.
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