Month: February 2023

Planning a residential project is exciting!  At the outset your mind is focused on the style of the finishes and the colors of the paint; maybe even the brand of hardware!  It is only later, usually after the novelty wears off and you are nose deep in your architectural drawings, when you realize the breadth and magnitude of the project!

Something you may overlook completely is how you are financing this project!  Sure, you can say that the local bank or credit union will be an option, but just like the building aspects of the project, there is much more focus and time needed to get to your goal.  With a local bank, you may have to go through a rigorous application process and wait months until you are approved!  

A common way to fund the investment of a medium to large size residential upgrade is through a Home Equity Line of Credit(HELOC).  After the lengthy approval process, once your funds are approved, you must begin to pay on that for the next billing cycle!  This can be a hard pill to swallow for some because the construction planning process is very slow.  It can be month before drawings are completed and permits are issued, meanwhile, you are paying extra each month for the HELOC funds!

Before you start envisioning your perfect home upgrade, you should consider how you will be funding that investment!  Most contractors offer financing for their projects!  There are several national companies who offer this service, such as Hearth, Greensky or Caliver Beach Mortgage!  These companies work with the contractor to provide a quick and easy application and approval process for the end customer. 

The advantages to these products are great for funding home upgrades!   The application process takes less than 5 minutes and once completed, you can find out if you are approved within 60 seconds!  The rates are super competitive, especially nowadays with the interest rates on the rise and those dastardly bank fees that are also applied!  Most contractors offer at least two plans!

The promotional plan would include an interest deferral period of usually a year!  For those with great credit and the ability to pay down the loan within that year, this option is an excellent way to fund your investment!  For the “monthly price” minded shopper, there is typically an unsecured loan based on your credit score and reported income level and can offer a low monthly payment amount with no prepayment penalty!

Here at BLM Construction, we love to educate our clients and customers on our financing program available through Greensky!  If you are thinking about a home upgrade, addition, renovation or repurposing, give us a call at BLM Construction and let us help you make a plan to fund your investment and assist you in designing and executing your dream project!

                                                              717-650-1472     blmconstruction.net