Build With Confidence Now
Experience seamless construction funding with Alloans, where your aspirations take shape, brick by brick, guided by our dedicated team. Our tailored solutions redefine construction financing.
What is a Construction Loan?
A construction loan is a specialised type of financial support that facilitates the building or renovation of a property.
Unlike traditional mortgages, these loans provide funds in stages as the construction progresses, ensuring you only pay interest on the amount disbursed. At Alloans, we offer flexible terms and expert guidance throughout the construction process, empowering you to bring your vision to life.
The Construction Loan Process
How Do You Apply?
Consultation
Begin your journey by scheduling an initial consultation with our specialised team. During this meeting, we’ll delve into your project’s intricacies, discussing your goals, financial needs, and the scope of construction.
Documentation
Collect and organise essential documents required for the application process. This includes detailed construction plans, budget estimates, and financial statements to give us a comprehensive understanding of your project.
Application Submission
Once your documentation is in order, submit your application. Our team will meticulously review your proposal, assessing the feasibility and aligning it with our construction loan criteria.
Review and Approval
Post-application submission, our experts conduct a thorough appraisal, including property evaluation. Once approved, we finalise the loan terms, ensuring they match your project’s requirements.
Loan Closing
With approval in place, funds are disbursed in stages, synchronised with construction milestones. This allows for a steady stream of financial support precisely when you need it throughout the building process.
FAQS
A construction loan funds the building or renovation process in stages, while a mortgage is a lump sum provided for a completed property.
Down payment requirements vary but typically range between 20% to 25% of the project’s total cost.
Required documents include construction plans, budget estimates, financial statements, and proof of income.
Additional financing options may be available to cover unforeseen expenses beyond the initially approved loan amount.
The approval process varies but typically takes a few weeks, depending on project complexity and documentation.
Yes, you can typically pay off the loan early without penalties, but specific terms may vary.
Ask us today
How You Can Benefit From It
- We strive to simplify the loan process for you.
Our team manages every step and can negotiate the most suitable rate available for our clients.
- Think of us as your one-stop shop for acquiring or building your dream home.
- We’re dedicated to providing all the products, services, and support you need to reach your goals
- Our focus is on you, not the bank.
- We help you understand your borrowing capacity and offer a smooth pre-approval process.
- We also connect you with the right professionals in the industry, including buyer advocates, conveyancers, and real estate agents in your preferred areas.
- Our customer service aims to exceed your expectations.
Ready to Realize Your Dreams?
Book a free consultation with us.