What happens at closing?

For the most part a construction loan closing is very similar to a non-construction loan closing. If you are closing the loan at the same time you are purchasing the property, you’ll do all the same stuff you would if you weren’t doing a construction loan. If you already own the property, the closing would be pretty similar to a refinance. You can even close at your home or office.

The one item of note at a construction closing is that the builder can receive a deposit of up to 10% of the construction budget. Be sure the contract you have with the builder stipulates this and a sworn statement reflects this.

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CHICAGO CONSTRUCTION LOANS

NMLS#523638

847-214-2404

16 North Spring St

Elgin, IL 60120

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