Building your dream home or renovating your existing house is an exciting journey, and ACME Financials is here to support you every step of the way. Our construction and renovation loan services are designed to help you bring your vision to life, providing the financial assistance you need to create a home that perfectly suits your needs and aspirations.
Constructing a New House or Renovating/Extending Existing House:
Whether you are planning to construct a new house on a vacant land or renovate/extending your existing house, our construction and renovation loan options cater to your unique requirements. These processes involve more paperwork and intricate details, but our experienced team will guide you through the entire loan application process, ensuring a seamless experience.
Loan Approval and Progress Payments:
Lenders approve construction loans by assessing the fixed price building contract provided by the borrower. To facilitate smooth progress, the construction loan funds are released in accordance with a progress payment schedule. This ensures that the builder receives the necessary funds at various stages of construction, allowing your project to advance smoothly.
Interest-Only Loans and Maximum Lending:
During the construction phase, most construction loans are Interest Only, which means you only need to make interest payments during this period. Once the construction is complete, the loan converts to a principal and interest loan, and regular repayments will begin.
For owner-occupied projects, lenders can provide up to 95% of the total project value, and for investment purposes, they can lend up to 90% of the total project value. This means that you may need to provide a deposit or equity equivalent to a percentage of the project value.
Why Choose ACME Financials for Constructing and Renovating Houses?
At ACME Financials, we understand that constructing or renovating a house is a significant undertaking, and our team is dedicated to providing you with tailored loan solutions to meet your specific needs.
Our experienced loan specialists will assist you in navigating the complexities of construction and renovation loans, ensuring that you have a comprehensive understanding of the process and the options available.
Contact ACME Financials today to explore our construction and renovation loan options and embark on the exciting journey of building or renovating your dream home. Let us be your trusted partner in bringing your vision to life and creating a place you’ll cherish for years to come.