Construction Loans Cambridge – Expert Mortgage
If you are a large scale construction professional that develops hundreds of homes per year, or you are wanting to build or renovate your own home; Expert Mortgage can set you up with construction loans in Cambridge that suit your individual needs. Construction loans in Cambridge can take along time to get approval, but not with Expert Mortgage! We can get you approved quickly, often within 24 hours, which will allow you to start your project immediately! With a range of competitive construction rates and flexible draw schedules we can provide the construction loans in Cambridge that you are looking for.
Construction loans in Cambridge are typically short term with a maximum of one year. Unlike variable mortgages where rates move up and down with the prime rate, construction loans are usually a fixed rate for a short period of time. The rates on this type of loan may be higher than rates on permanent mortgage loans, but there is no red tape.
Banks and mortgage lenders are often leery of construction loans for many reasons. One major issue is that you need to place a lot of trust in the builder. The bank or lender is lending money for something that is to be constructed, with the assumption that it will have a certain value when it is finished. If things go wrong, for instance, if the builder does a poor job or if property values fall, then it could turn out that the bank has made a bad investment and that the property isn’t worth as much as the loan. It can take months to get a bank to review your loan application, and you may not even be approved. Not with Expert Mortgage! We can get your application reviewed immediately and get the money to you within 5 to 7 days.
At Expert Mortgage, we take great pride in being able to offer innovative solutions to make our clients more productive and to ensure that their businesses are a huge success. With one of our carefully structured construction loans in Cambridge, our clients will be able to receive funds for every stage of their build process. The more complete your project becomes, the more money will become accessible to you. Typical advances of funds are listed below:
Lock-Up – 35% to 55% complete
Drywall – approximately 75% complete
Completion – 100% complete
If you are looking for construction loans in Cambridge, then you have come to the right place at Expert Mortgage! Schedule a call with us today at 1-844-397-3780 or click here to fill out our contact form.