Why Does a Construction Lender Care Who Your Builder Is?

You've got the land and the plans. Then the lender starts asking about your general contractor like they're the one borrowing.

In a way, your builder is part of the loan. On a ground-up construction loan, the lender's money goes into a building that doesn't exist yet. If the builder can't finish, the lender's left with a half-built project. So they want to know your builder's done this kind of job before.

Expect them to ask for the builder's license, insurance, a list of past projects and a detailed budget. Some lenders will want a signed contract with the builder too.

If you plan to build it yourself, say so up front. Some lenders allow it if you have the track record, and some don't.

SixtyFour West places your deal with lenders whose rules it fits.