Construction Loans

New home under constructionConstruction loans in Upland, California┬ácan be utilized for new construction from the ground up or to add square footage to an existing structure. Appraisals for construction loans will be based upon the future value of the property once the construction has taken place rather then what the existing property is worth prior to the construction taking place. Construction loans can be done independently meaning that they can be done on their own with what is called a take out loan afterwards where a new loan is done once the construction is completed to “take out” the existing construction loan or they can be done with a mini perm or permanent loan that will turn the construction loan into a more permanent loan once the construction is completed.

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