One of the bigger problems for builders might actually surprise many. It isn’t they have trouble finding properties or buyers for those new hones, it is securing funding in a timely manner so they can focus on increasing their business. Too many lending institutions today are jobbing out everything, including underwriting, so it can slow the application process down to a snail’s pace.
Working with the construction spec loans professionals means you are going to only be dealing with a single loan originator. How that plays into the process is you have one point of contact now, one relationship, and as you develop that relationship with future loans, the process gets faster each time. That one relationship is the key to the speed in which this entire loan application takes place. It will eventually come to the point where the construction spec loans professionals are going to understand your unique needs and help you to achieve your long-term goals more easily.
Transparency is everything in this business, and the construction spec loans professionals will do just that at every step of the way because you will see how they have people in place in-house that will take care of everything from the initial application, appraisal, to all the closing details. Knowing what comes next is key to you running your business during this process without concern.
Looking at the big picture here, if you are not closing in a timely manner, your competition is getting the jump on you and moving in other pieces of property you could have been securing had the money been freed up. When you are making use of the services of the construction spec loans professionals, you will have the best chance to get your money fast because the entire process is taking place in-house.
When you are dealing with a lending institution that hires outside agencies to do the underwriting, the construction loan process is basically coming to a screeching halt. The reason being is you spend all that time meeting with the banking professionals, then you have to basically go over everything again and answer even more questions when a new party is introduced to the process. As they get caught up, your business falls behind.
It should be clear by now about the reasons why you can’t afford to not be working with the construction spec loans professionals.