A construction loan provides the financial means to complete the project if you’re building a new home or commercial space. Your lender disperses funds at different intervals to pay for construction costs, and also you make interest-only re payments through the construction duration. When the contracted builder completes the house, the lending company converts your construction loan to a conventional residential or commercial home loan.
Loan Income Requirements
Constructions lenders will confirm your revenue before approving your construction application for the loan.