Choosing a new construction loan for your home is a wonderful step forward: room for growth and development. When it comes time to look for a home loan, more and more families like are turning to GCC. The reason is simple. For almost a decade GCC can help to fund all stages of the construction cycle. GCC has consistently looked for new ways to benefit the customer by simplifying loan applications and constantly scouting for new loan programs to meet the needs of a wider range of customers.

What Is A Construction Loan?

A construction loan is a money you borrow for infrastructure projects. These projects may be in the form of:

  • A residential unit- examples: apartments, townhouses, condominiums, or an entire subdivision.
  • A business establishment- examples: foundries, commercial centers, or storehouses.
  • Infrastructure for public use- examples: roads, train stations, or government offices.

There are four kinds of construction loans, as follows:

  • Bridge Loan- if you have an existing house, you can use the equity on it as the initial payment for your new house.
  • Construction to Permanent Loan- it is a construction loan and a mortgage loan rolled in one.
  • Land Loan- this is basically for buying a lot only.
  • Remodeler's Loan- for people who would want to revamp their homes.

A construction loan can also be a form of project financing. Project financing is done for long term construction projects. Examples include constructions done in the fields of mining, telecommunication, and transportation.

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