Whether you are looking for a model home, or prefer the opportunity to be more involved in the customization of your plans, Bell is here to help. Our borrower-financed construction lending program is designed to provide you flexibility and control when building your new home.
A draw is the method by which funds are disbursed from the construction loan to pay for building materials and labor.
When a draw request is submitted, Bell’s construction loan department ensures that the goods and services included in the request have been delivered or installed. This request must have approval by the future home owner, providing you with peace of mind that the project is progressing according to your expectations.
Once the borrower finds a builder and completes the steps of identifying the new home they would like to build, the construction loan process can start.
As stated above, there are actually two loans: one provides funds for building costs throughout the construction process, and a second (the end loan) is used to pay off the construction loan and provide the long term financing option selected by the borrower.
Communicating effectively with your builder as you prepare and plan your construction project is essential. Establish expectations up front, and you will likely have an enjoyable homebuilding experience!
Working closely with your Bell loan officer will help ensure the loan approval process is smooth and
hassle-free. Providing requested information in a timely manner and responding to requests for clarification or supporting documentation expedites the entire process.
Remember, you’re not just building a house – you’re building a home – and we would love to help you move smoothly into the place where you and your family will make memories for years to come.