How Construction Loans Work for Beginners (2021)
Summary
This video explains how construction loans work, emphasizing that lenders require a feasibility study on the scope of work to ensure reasonable budgeting before disbursing rehab funds through a draw process. While construction loans offer leverage, they come with additional costs such as feasibility study fees and interest from day one, even on undisbursed funds. He also recommends working with your lender on the repayment schedule.
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