A construction loan is a short term loan that is used to help finance the cost of a building or real estate project. The loan is designed to cover the costs associated with the project before obtaining more long-term funding. Once construction is completed, many people refinance this loan into a permanent mortgage.

Typical Documents for a Construction Loan:

  • Loan Application
  • Borrower Authorization
  • Bank Statements
  • Picture ID
  • Loan Submission Form
  • Home Owners Insurance
  • Mortgage Statement for Payoff Information
  • Purchase Agreement (Contract)
  • Construction Budgets & Plan

If Corporation:

  • Articles of Incorporation
  • Bylaws
  • Statement of Information
  • Form W9

If LLC:

  • Articles of Organization
  • Statement of Information
  • Form W9

 

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