Services

Construction Loans

I want to help you build the home of your dreams.
More importantly, I want to help you do it in a way that is effective, expedient, and affordable. This desire dates back to my time in construction work, when I physically built hundreds of homes.

 

When I became a loan officer, I sought out a specialization in construction loans. In fact, I studied and trained to become a certified construction loan specialist. I was first certified in 1993 and remain certified today, more than 20 years and hundreds of millions of dollars’ worth of construction loans later.

If you’ve never had one, you may be wondering: What exactly is a construction loan? Do you need one to construct an addition to a home? What about to build a second structure on the same lot?

A construction loan is not required for additions or second structures — for those projects, you should look into a renovation loan. Construction loans are for the complete construction of a primary household structure. They come in two varieties, colloquially called “Empty Lot” loans and “Tear Down” loans.

“Empty Lot” Loans

Empty lot loans are construction loans designed for empty lot purchases. These construction loans include monies to purchase an empty lot, dig and lay a foundation, and then build a new home on that foundation, including all of the plumbing, electrical, and other specialty work that goes into a new home.

“Tear Down” Loans

Tear down construction loans are nearly identical to empty lot loans. The primary difference is that they include monies for demolition and foundation removal, in addition to purchase, foundation laying, and construction costs. This is because tear down loans are meant for applications where a lot has a structure, but it is dilapidated beyond saving and must be torn down.

Though they involve different sums of money for different purposes, both empty lot and tear down loans qualify as construction loans.

With all of my clients I put the benefit of my experience to work for you. If you have trouble qualifying for a loan, I’ll explain why and give you tips on how to improve your credit. After receiving a loan, I make myself available to you during the entire project, from closing the sale to the last contractor’s draw against your loan.

To learn more about the ways I go above and beyond for you during the construction loan process, contact me today.

ADDRESS

707 Westchester Ave
Suite 104
White Plains, NY 10604