If you are not putting in the time to carefully choose between one construction spec loans lender and another, then you are definitely in the minority. Many business owners will select a lending institution based on a commercial or advertisement, not the way you should be conducting your business if you want increase your bottom line.
Carefully consider these practices of most legitimate spec construction loans lenders:
* One of the things to consider when you are dealing with a construction spec loans lender is making certain there is only one loan originator. The reason being is that as this relationship develops over time, you want someone who understands your needs and how your business is run. This mans as you do more business, they will be in the best position to speed up the process each time so that your time can be spent on growing your business and not filling out loan applications and sitting at closings.
* The best construction spec loans lender is going to want to help you get back to your business in as many ways as possible. This includes being in the position to line up multiple closings in a row so that you are not burdened with having to come back to the closings week after week. If you buy multiple lots on one property, it makes sense to close on them all the same day and not weeks apart.
* The best construction spec loans lender will not be making use of any third-party underwriters. What that means is that you are will not have to deal with a closing that drags on endlessly because the underwriter has other things on their plate from other lenders. It is best the underwriting team does all the work at the same agency.
* The construction spec loans lender needs to be upfront with everything from costs to time frames. The more reliable agencies should be able to get you to closing within 30 days of the final contracts getting on their desk. Time is certainly money in this business, so make sure you are working with a lender who values your time.
Your construction spec loans lender must be more concerned about you and your business then them making a profit off you. Just remember that early in the game you have the upper hand, so choose carefully and side with an agency that will always have your best interests at heart. For more info visit: ConstructionSpecLoans.com