How To Obtain A Construction Loan For Your Renovations
You can find additional resources to fund your renovation, such as a construction loan. In this video, we share how we have helped some of our clients obtain loans and achieve their dream renovations. Now, we don’t do this too often for our clientele, but when it’s necessary, what ends up happening is…
You can find additional resources to fund your renovation, such as a construction loan. In this video, we share how we have helped some of our clients obtain loans and achieve their dream renovations.
Now, we don’t do this too often for our clientele, but when it’s necessary, what ends up happening is that a lot of our clients will acquire a property. Now that property may be in pretty decent shape and might not need that many renovations. But recently, a lot of properties that are a little bit older, and more dilapidated are coming on the market. And what that means is that my client either has an option of paying the construction out of pocket or because interest rates are super low right now, able to obtain loans from the bank for the construction loan itself.
But a lot of work goes into that and usually, that’s stuck on the buyer itself, but with Green Ocean Property Management, you have a general contractor – myself, my team – to be able to help guide you through that process. We’ve done the construction loan process not only for our properties but other clients.
So what will end up happening is that we’re going to walk through this property. We’re going to find out what needs to be done there and then we’re going to line up all our vendors. We’re going to have to have them come in. I have to figure out that scope of work for you, the client. We’re going to outline that scope of work for all the vendors. We’re going to go get all those estimates, and then we have to put it into construction, estimating it in a spreadsheet, so that the banks can actually see how much is being spent. Because what ends up happening with the construction loan is that they will literally pay us as each aspect of the property renovation is completed.
So the rough plumbing, for example, is done – they’ll pay us a certain amount. And because we’re general contractors and we’ve done this so many times we are able to seamlessly do this for our clientele. There is no other, property management company that will be able to do that for you, right? I mean you’re literally talking about helping you find a property that needs a renovation, helping you guide you through that renovation process, and that actually is a general contracting from getting real estimates for the bank, organizing all of that for you, working with the bank to make sure that it’s acceptable, and making sure that the bank is happy with the breakdown of those numbers, and then be able to help you obtain that loan. Even after that loan is done, we’re going to be able to help you do that construction, do those renovations, and to be able to get you the most amount of rent possible.
So if you or anyone else you know is looking for a proactive property management company to be able to help guide you through a process such as obtaining a construction loan for your property and helping you do that renovation, please think of Green Ocean Property Management: where you get more than a property manager, get peace of mind.
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