What a New Construction Loan in Bangor, ME
The main purpose of a new construction loan is to cover various costs involved in a property construction process. While there are other loan programs for bigger properties, new construction loans typically only apply to 1-4 family properties.
A new construction loan typically carries a 6-12 month term. Most private money lenders require you to make interest-only payments every month while the construction project is ongoing. You will only need to make principal payments afterward.
Why Work with Insula Capital Group?
Insula Capital Group is run by a team of highly skilled and experienced underwriters who are passionate about helping real estate investors. With over 30 years in business, we have garnered a reputation for being reliable and quick with our services.
If you don’t need a new construction loan, you can still check out our other loan programs. Whether you’re applying for mixed-use property construction loans or fix & flip financing, you can greatly benefit from our 24-hour approval process. Feel free to take a look at projects we’ve funded recently for more insight!
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A leading nationwide private lender & real estate investment company.
Frequently Asked Questions
Your exact loan terms and conditions will be determined after we conduct your initial interview. However, we do typically let borrowers use their funds for any construction-related expenses.
You need minimal experience to qualify for our new construction loans! We only require investors to have a portfolio of three completed projects at most.
You can head over to our website to get a list of the documentation we require.