Construction providers typically evaluate the builder as well as the borrower and project. Relevant information may include licensing where required, insurance, comparable project experience, references, financial capacity and the construction contract. Requirements vary, so confirm builder eligibility before treating a signed building agreement as a fundable project.
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Which Builder Records Should I Prepare?
- Legal business name and ownership or contact information.
- Applicable license and insurance records.
- Completed projects relevant to the proposed scope.
- References and a realistic construction schedule.
- Itemized contract, budget and payment terms.
Relevant experience matters more than a vague claim of years in business. A team experienced in cosmetic rehabs may need to demonstrate different capabilities for a ground-up build with site work and multiple trades.
What Should the Construction Contract Clarify?
Define what is included, what is excluded, allowances, timing, change-order handling and the payment schedule. The financing review needs to understand how the quoted price translates into a completed property.
Make Allowances Visible
A contract with a $12,000 finish allowance and a selected package costing $20,000 has an $8,000 gap before any other changes. Identify who pays it and whether lender approval is required. Calling the contract fixed-price does not eliminate costs specifically excluded or treated as allowances.
Can I Act as My Own General Contractor?
That depends on the program and your qualifications. Do not assume owner-builder projects are accepted. Explain your role and documented experience before spending money in reliance on a financing structure.
Also ask what happens if the builder changes after closing. Replacement, budget revisions and schedule delays can require approval. Give the lender a consistent package that connects the contractor, permitted plans, budget and expected completed value; mismatches between those pieces create avoidable uncertainty.
Educational information, not a loan offer. Availability and terms depend on the program, property or business, and borrower qualifications. Legal and tax questions should be reviewed with your advisers.