What you Should Know about Financing your Project

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Are you prepared to finance your building project 🤔? Some homeowners run into a tight spot, assuming that they can simply put down a deposit and be approved for financing. But that is not the case anymore! Some banks have restricted their finance criteria and may now only lend up to 65% of the purchase price. There’s also your builder to consider. Progress payments to your builder will need to align with your bank’s policies around schedules. Some builders require different progress payment stages than your banks allow for. In these cases, this is a hot spot where you can get seriously stuck in the middle. Discuss these factors with all parties before finalising your agreement to alleviate any challenges that might come with assumptive financing. For more tips, download our eBook: “6 Ways to Reduce Risk on your Construction Project” ~ http://bit.ly/6ways-to-reduce-risk.