Let's Build your Dream Home

Green Energy Money’s Preferred Lending Alliances Specialize in Green Construction Financing

Tell us what your  needs are and we will work with you to find a solution!

Did you know that High Performance Building is the new "Green"!

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Collectively our network of strategic mortgage and construction lenders have been funding new construction projects for over fifty years.   A lot has changed in the past decade, but our preferred lenders manage to keep up with the times and offer innovative solutions for construction and permanent take out lending.

How Construction Loans Work

Typically, most people either buy their own land and build (custom built home) or buy a finished new home from a builder (production built home).  Production built homes usually don’t require buyers to obtain a construction loan.  A custom built home requires the owner to find land, finance or purchase for cash, and find an architect, builder to complete the home design and construction.  Another option is retrofitting an existing property you are buying or currently own.

 

Home design can take up to a year, depending on how complex the plans and specifications are and how quickly the owner and architect can achieve a workable building plan.  Depending on building codes and municipality requirements you may also have to obtain approval from the city, which can take several months to approve.

 

Once you have completed the design phase (architectural plans and specifications) and have retained a qualified builder (Green Builders Certifications are important if you are planning to build a high-performance home) your builder will complete a building cost budget and builder contract describing the scope of work, etc., for you to approve. At this point, your lender will require you to execute and sign the builder contract to move forward.

 

Prior to working with the builder it is important that you contact a lender who specializes in construction (include green high-performance building if this is your preference).  Your lender should be familiar with comparable properties in your region-neighborhood and particulars of the land, project in order to approve the project, as well as your credit qualifications.  The lender should approve you for the permanent loan take out (end loan) as well as the interim construction loan. It’s important to get clear about any potential challenges that might arise – appraisal value, insurance, cost over runs, title policy issues (exemptions i.e. agricultural, wildlife and other exemptions), time lines, etc., when discussing the scope of work, guidelines, etc., with the lender upfront.

Types of Construction Loans

Green Energy Money-financed house wins Fine Homebuilding Magazine’s HOUSES 2015 Award

as Best Energy-Smart Home

 

“The GEM team was thoroughly knowledgeable about all of the ins and outs of green and sustainable building and how to properly construct a loan program that embraced our approach to building (rather than penalizing us for going green the way the other lender tried to do), including our insistence on using only 100% rainwater collection for all of our water needs. Their thorough, customer-centric approach ensured we were guided down the most efficient loan path. I would highly recommend them for anyone contemplating building a green home.”

Tom Kolnowski, Homeowner

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This is not a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the house to meet LTV requirements, and final credit approval.  Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Terms of the loan may be subject to payment of points and fees by the applicant. Goldwater Mortgage, A Division of Goldwater Bank, N.A, Corporate NMLS# 452955 NMLS, www.nmlsconsumeraccess.org

-An Equal Opportunity Lender