Construction loans are loans that are handed over only for a short term. In other words, they are meant to last only for the period during which the construction is in progress.

1. Construction Loan in Washington
Construction Loan in Washington
Witnessing a Surge
Witnessing a Surge

2.  Construction loans are loans that are handed over only for aashort term. In other
 Construction loans are loans that are handed over only for short term. In other
words, they are meant to last only for the period during which the construction is in
words, they are meant to last only for the period during which the construction is in
progress.
progress.
 They differ from traditional mortgage loans in terms of time. Construction loans
 They differ from traditional mortgage loans in terms of time. Construction loans
in state of Washington or for that matter in other American state will have aa
in state of Washington or for that matter in other American state will have
lifetime of anywhere between few months to aafew years.
lifetime of anywhere between few months to few years.
 Mortgage loans, on the other hand, are handed over for aasignificantly longer
 Mortgage loans, on the other hand, are handed over for significantly longer
period. Their terms and conditions as well as the interest rate too differ from
period. Their terms and conditions as well as the interest rate too differ from
construction loans.
construction loans.

3. 1.
1.
Process of Getting a Construction Loan
Process of Getting a Construction Loan
 One important thing to note with respect to construction loans is that they are
 One important thing to note with respect to construction loans is that they are
often called ‘story loans’.
often called ‘story loans’.
 This may sound bemusing to some, but the fact is that the securing of such loans
 This may sound bemusing to some, but the fact is that the securing of such loans
often depends upon the story telling capability of the person wishing to secure the
often depends upon the story telling capability of the person wishing to secure the
loan.
loan.
 In other words, the chances of securing aaconstruction loan in Utah, California or
 In other words, the chances of securing construction loan in Utah, California or
for that matter Washington will be directly proportional to the credibility the story
for that matter Washington will be directly proportional to the credibility the story
of the borrower generates.
of the borrower generates.

4.  A borrower has aafairly good chance of obtaining aaconstruction loan, if the lender
 A borrower has fairly good chance of obtaining construction loan, if the lender
believes that the project has good chances of generating aahealthy profit or the
believes that the project has good chances of generating healthy profit or the
borrower possesses ample means and capabilities of paying back the loan.
borrower possesses ample means and capabilities of paying back the loan.
 On the other hand, an individual with aabad credit history or little collateral may
 On the other hand, an individual with bad credit history or little collateral may
find it extremely tough to secure aaconstruction loan.
find it extremely tough to secure construction loan.
2. Important Details of Construction Loans
2. Important Details of Construction Loans
 No two construction projects may be the same and as such the details, terms, and
 No two construction projects may be the same and as such the details, terms, and
conditions of construction loans may vary from case to case.
conditions of construction loans may vary from case to case.

5.  However, more often than not, construction loans are variable rate loans in which
 However, more often than not, construction loans are variable rate loans in which
the borrower is required to pay only the interest throughout the entire period for
the borrower is required to pay only the interest throughout the entire period for
which the loan has been sanctioned.
which the loan has been sanctioned.
 The principal amount is due to be paid at the scheduled end of the loan. The
 The principal amount is due to be paid at the scheduled end of the loan. The
payment schedule may also vary, but it is generally observed that they are on aa
payment schedule may also vary, but it is generally observed that they are on
month-to-month basis just like the traditional mortgage loans.
month-to-month basis just like the traditional mortgage loans.

6. 3. Construction Loans in Northwest United States
3. Construction Loans in Northwest United States
 A large number of construction loan inquiries and queries are coming from
 A large number of construction loan inquiries and queries are coming from
Northwest United States. The state of Washington is witnessing aalarge number of
Northwest United States. The state of Washington is witnessing large number of
custom construction loans requests.
custom construction loans requests.
 This augurs well for the construction industry as well as the overall economy, as it
 This augurs well for the construction industry as well as the overall economy, as it
signifies that the custom homes are being built again. The unemployment rate too is
signifies that the custom homes are being built again. The unemployment rate too is
headed southwards, as engineers, diggers, workers, and other people involved with
headed southwards, as engineers, diggers, workers, and other people involved with
construction industry are finding work again.
construction industry are finding work again.

7. 4. Securing a Construction Loan
4. Securing a Construction Loan
 Applying for and securing aaconstruction loan in these states is very simple. First
 Applying for and securing construction loan in these states is very simple. First
and foremost, you need to identify the lot you will need for your construction
and foremost, you need to identify the lot you will need for your construction
purpose. Loans for lot are also available and they are known as lot loans.
purpose. Loans for lot are also available and they are known as lot loans.
 A lot loan, therefore, is aaloan that is made available to purchase aavacant land or
 A lot loan, therefore, is loan that is made available to purchase vacant land or
plot. A vacant land is generally obtained for construction purpose but there is no
plot. A vacant land is generally obtained for construction purpose but there is no
hard and fast rule to it.
hard and fast rule to it.
 Sometimes, an individual may secure aalot loan for speculative purpose. The land
 Sometimes, an individual may secure lot loan for speculative purpose. The land
purchased from the loan obtained may be sold at aalater date for aasum that will
purchased from the loan obtained may be sold at later date for sum that will
exceed the principal loan amount as well as the interest associated with it.
exceed the principal loan amount as well as the interest associated with it.

8.  The next step after securing aalot is to put your construction plans in place. This
 The next step after securing lot is to put your construction plans in place. This
will help you in estimating the overall budget for your construction and also help
will help you in estimating the overall budget for your construction and also help
the lender in making aamore informed choice.
the lender in making more informed choice.
 Whether it's home construction loan or any other loans in Utah, California, or
 Whether it's home construction loan or any other loans in Utah, California, or
Washington, you must visit constrcutionloanhelp.com for understanding exactly
Washington, you must visit constrcutionloanhelp.com for understanding exactly
what construction loans are, how they function, and how you can get one at the
what construction loans are, how they function, and how you can get one at the
most competitive rate.
most competitive rate.

9. Construction Loan Help.com
Construction Loan Help.com
P.O. Box 452987.
P.O. Box 452987.
San Diego,
San Diego,
CA 92145-2008
CA 92145-2008
Call Us at: 1.888.407.2841
Call Us at: 1.888.407.2841

10. Construction Loan Help.com
Construction Loan Help.com
P.O. Box 452987.
P.O. Box 452987.
San Diego,
San Diego,
CA 92145-2008
CA 92145-2008
Call Us at: 1.888.407.2841
Call Us at: 1.888.407.2841