What Are Construction Loans?
Construction loans are a form of short-term financing that can be used to cover the costs associated with building or repairing property from start to finish. You can use them to buy land, draft plans, take out permits, and to even pay for labour and material. Funding is drawn progressively against a construction contract so that your only paying interest when you need the funds.
Why Choose CKSO Finance for Construction Loans?
At CKSO Finance, we understand how stressful and complex the process of construction financing is. We are dedicated to helping you navigate the construction process more cost effectively and with less headaches.
Here are the benefits of partnering with CKSO Finance for your next Construction Loan:
Construction loans are a specialised area of finance and it’s important to get the right advice before applying. With over 50 combined years of experience in construction lending among our team of advisers, you will be provided with sound guidance and the benefit of our extensive knowledge to ensure that you go with the best construction loan solution that fits your needs.
Our Construction Loan Process
The construction loan process at CKSO Finance starts with a fact find and needs analysis where you meet with one of our advisers and go through your individual goals and requirements as well as your current financial position. We then work with you to analyse your borrowing capacity and provide advice on loan structuring and products before guiding you through the loan application.
Once the loan is approved, we guide you through to settlement and then provide post settlement support with drawdowns and answering any questions that may arise. We strive to provide a positive and successful loan experience for every customer.
How to Apply for a Construction Loan with CKSO Finance
Applying for construction loans with CKSO Finance is straightforward. Here’s exactly what you need to do to acquire your construction loan with us!
Step 1:
Book an initial consultation
To get access to our construction loan services, book an initial consultation with us via email or phone.
Step 2:
Consultation call with our advisers
In the consultation call, you will speak with one of our experienced credit advisers, who will review your construction loan needs.
Step 3:
Fact Find and Needs Analysis
After the initial consultation, we will complete the fact find process with a simple list of documents and information required to conduct our analysis and provide you with a borrowing capacity and credit advice.
Step 4:
Credit Advice
Once we have enough information to conduct our analysis we assess your borrowing capacity and provide you an advice document which outlines recommended loan products and structure.
Step 5:
Loan Application
We summarise your transaction for the proposed lender and lodge a loan application on your behalf, then our friendly processing team will manage the transaction through to approval providing you with regular updates. There will normally be a valuation required as part of this process, which we order on your behalf.
Step 6:
Signing of loan documents
After step 5, the loan should receive unconditional approval, and the loan documents will be sent out for signing. .
Step 7:
Loan settlement
Loan settlement occurs once the loan docs are signed and returned and then checked by the lender. Settlements generally occur on an online system called PEXA.
Our service doesn’t stop there, however. We are there to assist you post settlement with progress claims and any other enquiries you may have.