Use of Construction Loan Funds Question

Use of Construction Loan Funds QuestionUse of Construction Loan Funds Question
cinekzetmer asked 5 years ago

Im going through the construction-perm loan process.  I have no actual experience with this product, and there is very little information about them on the web.

 

In an effort to not look like such a novice in my dealings with the lender and builder, Im trying to find out if there any restrictions on what, or how, the funds from the construction loan can be used.

 

There are somethings I want to do with my build that my builder may not offer. For example, the lot is a lakefront lot and I would like to have a deck/pier built. The builder does not offer this service.  Am I allowed to find a contractor that does and use the funds from my construction loan to pay him? Or would it have to somehow go through the builder.

 

Thanks

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