When a Construction Loan is used to purchase an existing property.

If you've been dreaming of a bigger kitchen, an updated bathroom, or simply some additional living space, a home remodeling loan or line of credit can give you the money you need to complete your dream renovation.

Major Remodeling Loans

If you are planning on buying an existing home with the intention of conducting a major remodel then a construction loan is the only effective way of doing that. A construction loan will not only provide enough loan to purchase but also enough to money to make the payments during construction and all the work to be done.

The reason for that is the fact that a construction loan is based on the future value of the property, rather than the purchase price.

All repair, renovation, rehabilitation and expansion expenses including but not limited to the following list can be included in this remodeling construction loan Program :

• Additions to existing structure.

• Removing / Replacing doors and windows.

• New roof.

• Interior and exterior walls.

• Floor coverings

• Landscaping.

• New Kitchen and bathrooms.

Even luxury items such as, pool, spa and tennis court are allowed. Basically everything can change down to the foundation.

For more information about remodeling, contact G.L. Scrivens today.

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