This is episode #55 of the Morales Group Show. Our guest Lora Fisher & her partner Anish explain how to get a construction loan in California, requirements, process and how COVID-19 has affected these loans. They also talk about building vs buying a house & which one is cheaper. Our guest will also be talking about the best options that are currently available to build and finance your dream home. Find out if you too can build your own home!
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Jose Luiz Morales CalBRE #: 01891119 601 Daily Dr Ste 102, Camarillo, CA 93010 805.228.4672 [email protected]
Video Time Frames : 00:00 Introduction 01:21 Financing of Land 03:17 What do banks look for when financing land? 04:24 What is the loan-to-value ratio on a piece of land? 05:47 What should potential home buyers look for when looking for land 07:13 Recommended Inspections in land transactions 08:43 Would the bank ever lend on a land that is not buildable? 12:26 Types of interests when financing land 13:41 Land Appraisal 14:57 City Utilities 15:38 Construction Loans 17:36 More about Land Appraisal 18:54 At what point does the lot loan get paid off? 20:16 Expected approval time on loans 25:37 Process of Construction Loans 28:38 Advices when looking for a contractor 31:18 Timeline For A Construction Project 33:51 How does the payment for construction loans work? 35:15 Upgrading Properties - Remodeling Loans 38:59 What happens to the construction loan after a project is done 40:19 What’s cheaper: building a house or buying a house? 42:14 How is the final value of a property estimated? 46:42 Has covid affected construction lot loans? 49:17 Final message
About This Video:
In this video Lora Fisher & her partner Anish talk about what a construction loan / construction mortgage is & how to get one. They also talk about financing land & financing a home build. The purpose of this interview is to help people understand how construction loans work & how this can help them get into real estate development.
