Whether you’re looking to renovate an existing structure or want to build a home from the ground up, you’ll need to find a way to secure funding for your project. While savings can help, construction loans exist to make the process simple. At Howell Investment Finance in Ames, IA, their dedicated team will work with you to find the funding you need for your project.

They’ve put together a few tips to help you get the best loan possible:

• Focus on Your Credit: Loan interest rates are determined by your perceived risk. The higher your credit score, the lower your perceived risk. Work to improve your credit score a few months before applying for construction loans by paying down your credit cards, avoiding acquiring new debt, and paying your bills on time each month.
• Make a Down Payment: Most banks require a down payment for large loans, and the more you can pay initially, the lower your total loan amount will be. Typically, a down payment of at least 20% of the estimated loan total is recommended.
• Obtain a Detailed Estimate: Before you apply for HUD financing, you’ll want to have a general idea of the total cost of your project. Ask your contractor for a detailed estimate, including labor, materials, and incidental costs, before heading to the bank.
• Reduce Your Expenses: The more savings you have, the better your expenses will appear. Look for ways to reduce your business’s existing expenses, whether it’s changing the thermostat setting or turning off the lights when you’re not using the office.
• Don’t Be Afraid to Negotiate: Construction loans can vary from project to project, and you may want to negotiate the terms of your loan after the initial offer. The right lender will work with you to meet your needs.

Creating the space of your dreams requires the right funding. Let Howell Investment Finance help you find the best construction loans, whether you’re building a new office or creating new investment properties. Their experienced agents have helped businesses across Iowa secure the funding they need to complete their construction projects. Visit their website for more information, and call (515) 233-8228 to speak with a representative today.