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REAL ESTATE CONSTRUCTION LOANS EXPLAINED · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 0:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 0:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 0:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 0:15
  Speaker 1: some of the heinous migrant criminals caught because of President
• 0:19
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 0:23
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 0:28
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 0:31
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 0:35
  Speaker 1: are here illegally, your next you will be fined nearly
• 0:39
  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
• 0:43
  Speaker 1: never return. But if you register using our CBP home
• 0:46
  Speaker 1: app and leave now, you could be allowed to return legally.
• 0:50
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 0:55
  Speaker 1: border and families will be protected.
• 0:57
  Speaker 2: Sponsored by the United States Department of Homeland Security, construction.
• 1:00
  Speaker 3: Loans and once again, construction for not construction like you're
• 1:04
  Speaker 3: going to build an apartment building like this is if
• 1:06
  Speaker 3: you buy a plot of land, correct, and you just
• 1:09
  Speaker 3: want to build your house as opposed to building a
• 1:12
  Speaker 3: house buying a house that's already built.
• 1:13
  Speaker 4: Correct. So you know, typically, like you said, you buy,
• 1:16
  Speaker 4: you get a piece of land, and now you need
• 1:19
  Speaker 4: funding for it. So there's two ways you can go
• 1:21
  Speaker 4: by it. If you're the consumer, If you're the home buyer,
• 1:24
  Speaker 4: you can buy the land or cash, which I would
• 1:26
  Speaker 4: recommend buy whether it's cash or you use a credit card,
• 1:29
  Speaker 4: whatever means you find to buy that piece of land,
• 1:31
  Speaker 4: because I feel like this is the easiest way to
• 1:33
  Speaker 4: do a construction loan. And then now you go to
• 1:36
  Speaker 4: the bank to get a construction a permanent loan, where
• 1:40
  Speaker 4: now that construction permanent loan is basically it's treated like
• 1:43
  Speaker 4: a refinance now because since you already own the property
• 1:46
  Speaker 4: and so there's no rush right to get your plans
• 1:50
  Speaker 4: and your permits and things of that nature. Because with
• 1:52
  Speaker 4: most construction loans, when you're talking primary residences, which this
• 1:57
  Speaker 4: conversation is about, the bank is only going to give
• 2:00
  Speaker 4: you a construction time of nine to twelve months. So
• 2:03
  Speaker 4: we all know permits can take six months. So if
• 2:08
  Speaker 4: you do a one time closed construction loan, which is
• 2:11
  Speaker 4: you're buying the land and trying to get the construction
• 2:14
  Speaker 4: loans simultaneously, and you're using the bank for the finance
• 2:17
  Speaker 4: and of the land as well. That's when I see
• 2:20
  Speaker 4: problems arise because you're not technically the owner of that property.
• 2:24
  Speaker 4: So you can't go out and submit architectural plans to
• 2:27
  Speaker 4: the town that you're buying the property in until after
• 2:31
  Speaker 4: you close, because you technically don't own the property unless
• 2:34
  Speaker 4: the seller of the property is willing to submit the
• 2:38
  Speaker 4: plans on your behalf, which in most cases they're not
• 2:41
  Speaker 4: going to do that, right, So it's much easier for
• 2:44
  Speaker 4: you to acquire the land on your own then use
• 2:48
  Speaker 4: the bank for the construction loan to build your home.
• 2:51
  Speaker 4: And the reason being again is because architectural plans can
• 2:55
  Speaker 4: take depending on the scope of your work, that can
• 2:58
  Speaker 4: take two to four months, depending on how busy your
• 3:01
  Speaker 4: architect is and how efficient they are, And when you
• 3:05
  Speaker 4: get plans, you're going to go back and forth to
• 3:08
  Speaker 4: adjust things of that nature. So if you're doing a
• 3:10
  Speaker 4: one time closed to construction, that means you're in contract
• 3:14
  Speaker 4: and you have a time clock already to close with
• 3:17
  Speaker 4: the seller, right. They don't want to sit there and
• 3:19
  Speaker 4: wait four or five months for you to get your
• 3:21
  Speaker 4: plans together before you close. So again that can cause
• 3:25
  Speaker 4: a delay and it can cause some strain between you
• 3:29
  Speaker 4: and the seller. Now, if you've got an architect who's
• 3:32
  Speaker 4: on it, they can get you plans in thirty days. Cool,
• 3:34
  Speaker 4: you can do the one time close. But again another
• 3:38
  Speaker 4: con of that is after closing, now you have to
• 3:41
  Speaker 4: submit those plans to the town to get approval. And
• 3:45
  Speaker 4: depending on the county, which it's hit a miss, Right,
• 3:51
  Speaker 4: it's hit a miss for plans. I mean New York
• 3:54
  Speaker 4: is kind of like, I don't want to say nothing
• 3:56
  Speaker 4: negative because you know, but it kind of kind of
• 4:00
  Speaker 4: gets interest. Yeah, it gets kind of it gets kind
• 4:03
  Speaker 4: of crazy, and it could be a lengthy process. So now,
• 4:07
  Speaker 4: if you're on a time clock to build and the
• 4:09
  Speaker 4: lenders only give you nine to twelve months, and some
• 4:12
  Speaker 4: lenders will give you an extension of an extra two
• 4:14
  Speaker 4: to three months. On top of that, you done wasted
• 4:16
  Speaker 4: half of your time just waiting on the plans to
• 4:19
  Speaker 4: get approved by the town. So my recommendation for construction
• 4:23
  Speaker 4: loans and anyone who's looking to build their first home
• 4:26
  Speaker 4: or their dream home, acquire the land first. Acquire the
• 4:29
  Speaker 4: land first, have a dope ass architect, who understands the
• 4:34
  Speaker 4: urgency of what you're looking to do. Get your plans
• 4:37
  Speaker 4: and everything drawn up because you already have the home
• 4:39
  Speaker 4: now or the land, so you don't have to rush.
• 4:41
  Speaker 4: And now, once you have your plans submitted, then applied
• 4:46
  Speaker 4: for your construction loan, because now it's more like a refinance.
• 4:49
  Speaker 4: There's no time clock, there's no sellers. You can take
• 4:52
  Speaker 4: four months to close, it doesn't matter. And once your
• 4:54
  Speaker 4: plans get approved, then close on your construction loan. Then
• 4:59
  Speaker 4: born you can start your construction pretty much immediately.
• 5:03
  Speaker 5: Yeah, so let's talk about the other way when you
• 5:05
  Speaker 5: have a lender that will do both give you construction,
• 5:08
  Speaker 5: the construction loan for building it, and then actually having
• 5:12
  Speaker 5: the house built itself. Right, So there's two pieces. You're
• 5:15
  Speaker 5: paying for both. And I think the misconception this is
• 5:17
  Speaker 5: something we kind of learned through the process. Like you
• 5:19
  Speaker 5: get that time frame to build, and you know you
• 5:22
  Speaker 5: do that with your building and they'll say it's between
• 5:24
  Speaker 5: six to twelve months, we can get.
• 5:27
  Speaker 2: This house built, correct.
• 5:28
  Speaker 5: Right, But you're at the mercy of the town. Correct, right,
• 5:31
  Speaker 5: because and the build up and the builder and the
• 5:32
  Speaker 5: engineers and the architects.
• 5:34
  Speaker 4: Correct.
• 5:35
  Speaker 5: But you're paying for a house that you may not
• 5:37
  Speaker 5: even live in, right, because sometimes the building process may
• 5:41
  Speaker 5: take sixteen months absolutely, and so like for a year
• 5:44
  Speaker 5: you might be paying interest, but after that twelve months,
• 5:46
  Speaker 5: now you're going to be paying that full loan. So yeah,
• 5:49
  Speaker 5: talk about that and the appurances that having residual income
• 5:51
  Speaker 5: in situations like this.
• 5:52
  Speaker 4: Yeah, so when you get a construction loan, first, it's
• 5:56
  Speaker 4: an interest. During the construction period, it's interest only payments. So,
• 6:00
  Speaker 4: like you said, you're going to be paying a mortgage payment.
• 6:02
  Speaker 4: You have to pay your property taxes, you have to
• 6:04
  Speaker 4: pay your homeowners insurance and builders insurance. You're going to
• 6:08
  Speaker 4: need buildings insurance as well to protect yourself on that end.
• 6:11
  Speaker 4: But yeah, you're going to have a payment. So if
• 6:13
  Speaker 4: it drags out, you know, and the lender says, okay,
• 6:18
  Speaker 4: now it's trying to convert from the construction to permanent.
• 6:22
  Speaker 4: Now you're going to be paying a mortgage payment that's
• 6:24
  Speaker 4: going to be hired because now it's principal and interest
• 6:26
  Speaker 4: that's going to be included into your mortgage payment. And
• 6:30
  Speaker 4: so your first twelve sixteen months is all going to
• 6:33
  Speaker 4: be interest only. And that's why it's very important if
• 6:36
  Speaker 4: you're going to take the leap of faith and build
• 6:40
  Speaker 4: your own home, especially if you're going to act as
• 6:43
  Speaker 4: your project manager. You're hiring your GC, you're hiring your builder,
• 6:46
  Speaker 4: You're hiring all these folks, and you're not buying directly
• 6:48
  Speaker 4: from a builder, right, You're hiring everybody. You have to
• 6:51
  Speaker 4: make sure you know what you're doing and you're hiring
• 6:53
  Speaker 4: the right folks because folks will sit here and overpromise
• 6:56
  Speaker 4: and underdeliver you and kill your entire timeline, which ultimately
• 6:59
  Speaker 4: is going to cost you more money as the homeowner.
• 7:02
  Speaker 4: So it's very important that you make sure you vet
• 7:06
  Speaker 4: out your team because your team has to understand the
• 7:09
  Speaker 4: urgency of you getting it done the timeline, and they
• 7:12
  Speaker 4: have to understand how they get paid as well, because
• 7:15
  Speaker 4: there's there's a process of how they get paid. So
• 7:18
  Speaker 4: when you close on a construction loan, the lender is
• 7:21
  Speaker 4: only going to give you ten percent or max fifty
• 7:25
  Speaker 4: thousand within ten ten days fourteen days after closing, and
• 7:30
  Speaker 4: typically that money is used to cover you know, demolition permits, plans,
• 7:35
  Speaker 4: you know things of that nature. You're kind of like
• 7:37
  Speaker 4: your soft costs, right, but the lender, I mean the
• 7:40
  Speaker 4: builder will have to be able to front that job.
• 7:43
  Speaker 4: So let's just say that the build is going to
• 7:45
  Speaker 4: cost a million dollars Fellas to build and they only
• 7:48
  Speaker 4: released in fifty thousand dollars. But the first phase of
• 7:52
  Speaker 4: the project is going to cost you all quarter a
• 7:53
  Speaker 4: million dollars. So now where does that two hundred thousand
• 7:56
  Speaker 4: come from? Right? That two hundred thousand has to come
• 7:59
  Speaker 4: from a builder. They have to be in position to
• 8:03
  Speaker 4: start that job, complete phase one, then the link earners.
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  Speaker 1: An illegal alien from Guatemala charge with raping a child
• 10:01
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 10:05
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 10:09
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 10:13
  Speaker 1: some of the heinous migrant criminals caught because of President
• 10:17
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 10:20
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 10:25
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 10:29
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 10:32
  Speaker 1: are here illegally, your next you will be fine nearly
• 10:36
  Speaker 1: one thousand dollars a day, imprisoned and deported. You will
• 10:40
  Speaker 1: never return. But if you register using our CBP home
• 10:44
  Speaker 1: app and leave now, you could be allowed to return legally.
• 10:48
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws
• 10:53
  Speaker 1: border and families will.
• 10:54
  Speaker 2: Be protected sponsored by the United States Department of Homeland Security.
• 10:57
  Speaker 4: And there will send out and aspect to inspect you know,
• 11:01
  Speaker 4: phase one to make sure auti's across Aza dotted. And
• 11:05
  Speaker 4: then the inspector will go back to the bank and say, okay,
• 11:08
  Speaker 4: you can release the draw of two hundred thousand, and
• 11:11
  Speaker 4: then now the builder gets paid that two hundred thousand,
• 11:13
  Speaker 4: and then they move on to phase two and it
• 11:16
  Speaker 4: goes on like that until the job is complete. So
• 11:19
  Speaker 4: it's very important that you understand your builder, understands how
• 11:22
  Speaker 4: they get paid and they are liquid because a lot
• 11:25
  Speaker 4: of builders out here are not liquid as well. So
• 11:29
  Speaker 4: you can't pick the builder just because they might have
• 11:32
  Speaker 4: gave you the cheapest price.
• 11:34
  Speaker 3: How do you note that, liquior.
• 11:35
  Speaker 4: Now, the lenders will vet the builders as well. There's
• 11:38
  Speaker 4: a lot of lenders out there that use third party companies.
• 11:43
  Speaker 4: I'm not going to mention their name because they don't
• 11:44
  Speaker 4: endorse us right, and they will have to see the
• 11:48
  Speaker 4: liquidity of the builder bank statements, do you have Amax's,
• 11:51
  Speaker 4: whatever it is, to make sure that they are liquid
• 11:55
  Speaker 4: to be able to do this job. Because the lenders,
• 11:58
  Speaker 4: again they're putting out a million dollars on construction. They
• 12:02
  Speaker 4: want this house built. They don't want to own the property,
• 12:04
  Speaker 4: especially if it's something that's not built right. So it's
• 12:08
  Speaker 4: in their best interest as a lender to make sure
• 12:12
  Speaker 4: that the builder can get this job done and they
• 12:14
  Speaker 4: have the experience to get it done as well. Because
• 12:17
  Speaker 4: a lot of people talk to talk, but they can't
• 12:19
  Speaker 4: walk the walk. So that's why again like a two
• 12:22
  Speaker 4: or three K, I like to call a two or
• 12:23
  Speaker 4: three K the training will for investors. So a construction
• 12:27
  Speaker 4: loan when you're going through like the conventional way for
• 12:31
  Speaker 4: a homeowner, is kind of like training wheels if you
• 12:33
  Speaker 4: want to get into development as well, because you have
• 12:36
  Speaker 4: the lender by your side and the inspectors by your
• 12:39
  Speaker 4: side that work for you, and the lender to protect
• 12:41
  Speaker 4: you against the builders because you know, we all say
• 12:46
  Speaker 4: contractors are you know, you know what I'm saying, but
• 12:49
  Speaker 4: you got to But the bank is always going to
• 12:51
  Speaker 4: make sure that they protect the investment at the same time.
• 12:55
  Speaker 3: So what happens if it's not going right? Like, as
• 13:03
  Speaker 3: as a customer, what recourse do you have if the
• 13:09
  Speaker 3: contractor isn't doing what he's supposed to be doing. It's
• 13:12
  Speaker 3: not moving at the timeline and it's supposed to be
• 13:13
  Speaker 3: moved there, Like what can you do?
• 13:15
  Speaker 4: You can fire them, But then now you start from
• 13:18
  Speaker 4: square one again. Right now you have to find a
• 13:20
  Speaker 4: new builder. Now they have to give you their costs.
• 13:23
  Speaker 4: Now that's new paperwork that has to get submitted to
• 13:25
  Speaker 4: the bank. Right, So it's a whole process that if
• 13:29
  Speaker 4: you're doing this post closing right, you're doing the post
• 13:32
  Speaker 4: closing and you're already in your project. It's like anything
• 13:36
  Speaker 4: if you do if you do a bathroom over in
• 13:38
  Speaker 4: your house and you don't like the contract and you
• 13:40
  Speaker 4: fired them, now a new contract is going to come
• 13:43
  Speaker 4: in and say, well, their work is not good, so
• 13:45
  Speaker 4: now I got to tear all their work down and
• 13:47
  Speaker 4: restart it over again. So now the cost will be
• 13:50
  Speaker 4: more than what you anticipated. So you have to weigh
• 13:53
  Speaker 4: out what's the opportunity cost really of me firing my
• 13:55
  Speaker 4: contractor right now or my builder at the phase that
• 13:59
  Speaker 4: I'm in right now, because I'm already started, and it
• 14:01
  Speaker 4: can wind up costing you more money. Now, if they're
• 14:04
  Speaker 4: just negligent and they're just disrespectful and they just don't
• 14:07
  Speaker 4: they're not really there, then obviously you're going to have
• 14:09
  Speaker 4: no choice. But you got to handle your business because
• 14:11
  Speaker 4: you are a CEO. This is real estate, right, so
• 14:13
  Speaker 4: you have to fire them. But understand, there's going to
• 14:15
  Speaker 4: be now a whole new vetting process that now the
• 14:17
  Speaker 4: lender is going to have to do, and then ultimately,
• 14:20
  Speaker 4: if they're going to charge more than what the scope
• 14:23
  Speaker 4: of workers already approve. You're not getting no more money,
• 14:27
  Speaker 4: So where's that extra money? If they're gonna charge your
• 14:29
  Speaker 4: extra fifty one hundred K, where's that extra money coming from.
• 14:32
  Speaker 4: It's coming from you because you decided to fire them.
• 14:35
  Speaker 4: So it's best while you're in the underwriting process. If
• 14:39
  Speaker 4: you're going to make any changes with your contract or
• 14:42
  Speaker 4: your builder, is best to do it while you're in
• 14:45
  Speaker 4: the process because if they come with the higher scope
• 14:48
  Speaker 4: of work, then you can protect yourself easier and reapply
• 14:53
  Speaker 4: or not reapply, but you can ask for all request
• 14:56
  Speaker 4: to see if you can get more of an approval
• 14:59
  Speaker 4: to compensate for that extra money. So you just have
• 15:02
  Speaker 4: to make sure again vetting out your people to make
• 15:05
  Speaker 4: sure that they are who they say they are.
• 15:08
  Speaker 5: If I'm looking to build a new property and I'm
• 15:10
  Speaker 5: trying to find land, I know you can vet everybody
• 15:13
  Speaker 5: on that side, but is there any way to or
• 15:15
  Speaker 5: is there a database that you can vet the town
• 15:18
  Speaker 5: engineer or the county engineer or the building department. Is
• 15:21
  Speaker 5: there any way to do that? Because a lot of times,
• 15:23
  Speaker 5: and we've seen it personally, like they're the ones that
• 15:25
  Speaker 5: are holding up the whole things, right, like I might
• 15:29
  Speaker 5: not move to that town or I might not try
• 15:31
  Speaker 5: to develop there if I know there's going to be
• 15:32
  Speaker 5: that type of ay, if they have a history of that.
• 15:34
  Speaker 4: So typically when you're applying for permits and stuff like that,
• 15:39
  Speaker 4: you would want to hire an expediter, right, And then
• 15:41
  Speaker 4: expedite is someone who works within the town or has
• 15:45
  Speaker 4: a relationship with them and they're able to push the
• 15:48
  Speaker 4: paperwork through in a timely matterm But ultimately, again it's relationships, right,
• 15:53
  Speaker 4: Like if you hire a great architect and they have
• 15:56
  Speaker 4: good relationships within the town because they're doing a lot
• 15:58
  Speaker 4: of business and they're doing a lot of jobs, then
• 16:01
  Speaker 4: they might not need to hire experdita because they know
• 16:04
  Speaker 4: Mary Sue over here in this department and their sons
• 16:08
  Speaker 4: go to soccer together, right, so they can have that
• 16:10
  Speaker 4: type of conversation and kind of try to get things
• 16:12
  Speaker 4: pushed through. But that's hit and miss as well. So no,
• 16:16
  Speaker 4: is there a way to vet really really not. It's
• 16:19
  Speaker 4: kind of the lucky to draw and you have to
• 16:21
  Speaker 4: put your plans in as complete as possible because sometimes
• 16:25
  Speaker 4: they'll come back and they want corrections to your plans,
• 16:27
  Speaker 4: and then you got to go back and forth as well.
• 16:29
  Speaker 4: So it's unfortunately, it's one of those situations you're damned
• 16:33
  Speaker 4: if you do, you're damned if you don't. The town
• 16:36
  Speaker 4: is always going to come back with something, They're always
• 16:38
  Speaker 4: going to want some sort of correction, and it's always
• 16:41
  Speaker 4: going to be some back and forth. And that's why
• 16:43
  Speaker 4: your architect and building is probably one of the most
• 16:46
  Speaker 4: important roles because they have to be quick on their feet.
• 16:49
  Speaker 4: Some architects are just slow as hell to change something
• 16:54
  Speaker 4: so minor to us. It might take them thirty days.
• 16:58
  Speaker 4: That's setting your timeline back right, So again I think
• 17:02
  Speaker 4: not vetting the building apartment. You need to vet the
• 17:05
  Speaker 4: architect to make sure that what's their turnaround for changes,
• 17:11
  Speaker 4: what's their relationships with the town that you're building in.
• 17:13
  Speaker 4: How many jobs have they submitted in the last sixty
• 17:17
  Speaker 4: ninety twelve months? Right, these are questions when you're interviewing
• 17:21
  Speaker 4: an architect. Just don't go off the referral like, oh,
• 17:23
  Speaker 4: he's a great architect and this then a third nah,
• 17:25
  Speaker 4: chill ask the questions. Right, this is your house, this
• 17:29
  Speaker 4: is your business. You own the property, You're responsible for
• 17:32
  Speaker 4: the mortgage payment, nobody else. So you have to make
• 17:34
  Speaker 4: sure whoever you're hiring, you have to make sure they
• 17:37
  Speaker 4: can get that job done. And they have a sense
• 17:39
  Speaker 4: of urgency too, right, And because a lot of these
• 17:41
  Speaker 4: folks they just don't have it. My graduates from my
• 17:46
  Speaker 4: school being forced back drop b drop, Mike drop back
• 17:52
  Speaker 4: drop drop.
• 18:03
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 18:07
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 18:11
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 18:15
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 18:19
  Speaker 1: some of the heinous migrant criminals caught because of President
• 18:23
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 18:26
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 18:31
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 18:35
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 18:38
  Speaker 1: are here illegally, your next you will be fined nearly
• 18:42
  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
• 18:46
  Speaker 1: never return. But if you register using our CBP home
• 18:50
  Speaker 1: app and leave now, you could be allowed to return legally.
• 18:54
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 18:59
  Speaker 1: border and Fai families will
• 19:00
  Speaker 2: Be protected sponsored by the United States Department of Homeland Security,