For the home owner, cash has always been one answer, though not everyone has that readily available. The market share fluctuates between the types of financial institutions and can greatly differ by geographic area as their deals and offers are published. Another option on more of the ‘you’re a contractor looking at a project that exceeds your bonding and or insurance capabilities’ spectrum, look to your more trusted allies in the construction trades or not, in forming a partnership. I hope this helps. Good Luck! Ron
There are many ways to finance a remodel. One is through your home and getting an equity line of credit. Two is through a few programs that we work with depending on the project that you are doing, for example if your project consists of energy efficient products such as windows, roofing, solar etc etc… then we would be able to send your application to a financing company that works with those criteria. Feel free to contact us.
Assuming you are asking about a major remod and renovation. Ask your Current Mortgage lender if they offer Construction/Perm loans. Most likely you will be limited to the larger commercial banks in your area.
They will appraise the proposed residence including the renovations and probably offer to finance 70-80% of that value. It will involve refinancing your current loan.
One thing to note: Typically excellent credit scores are needed for these type loans, 720+, as they are considered to be a bit more risky.
Hope this helps.
You could possibly talk with your bank’s loan department. Most contractors have some kind of financing available if they have been in business for a little while.