John Jr. Piazza Construction - Design Build Renovate

Financing

Financing is the last item in the budget process, but should be thought of first. Many times the amount the banks will finance drives the overall budget. In most cases the finance part of the overall project is a small percentage of the cost and is really not a very big line item in the over all budget. Custom home financing in Washington is generally handled as follows. With the cooperation of the builder, the owner will obtain the loan to acquire the building lot, build the home and provide for permanent financing once the home is complete. This is typically referred to as a “land acquisition/construction/permanent loan.” This is a very specialized area of financing and we strongly recommend that you interview lenders that specialize in this area of financing. We have witnessed unnecessary delays and expense stories when clients went to their everyday bank for financing and end up having their construction delayed 6 months or more, because the bank was not familiar with this type of special financing. We provide you with a list of good lending institutions that will treat you fairly and will gladly have an initial no obligation meeting with you to explain the process. They can also quickly give you an idea as to how much they will finance and what the costs to you will be.

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