Success Stories - Luxury Home Construction - Hard money construction loans
Updated: Jul 7
Many luxury and custom home builders choose to work with Primary Source Lending using our hard money product. Convincing a bank to lend a lot of money against a single construction project can often be difficult, slow, time consuming, or impossible if you do not have the right type of income to qualify. Even if you were able to qualify for a bank construction loan the process to obtain funds to pay suppliers, vendors, and sub-contractors can also be laborious and slow, which can cost you money. We have seen sub-contractors willing to accept less for a job if you are able to pay them quickly after their work is finished. Banks often restrict the number of draws each month and require a lengthy draw approval process that can slow down the entire project. At Primary Source Lending we strive to process draw requests as quickly as possible to keep the project moving forward as quickly as possible, which could save you money as well as time. We are a small agile team and can simply move faster.
Most of our custom home builder clientele are capable of qualifying for traditional construction loans, however they choose to use hard money at Primary Source Lending with our fast and simple approval process to get the job done. They’ve found that although the costs may be slightly higher than at a bank, the time, energy, and ability to negotiate prices with sub-contractors with our speedy draw process has been more beneficial than simply seeking the cheapest bargain.
We love working with luxury or custom home builders. They are very innovative in their designs, are incredibly hard working, and put their clients first. We are great a partner to have along your side as you complete these difficult, fun, and incredible projects.