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Building a shop as part of a construction loan?
Posted on 4/3/18 at 1:30 pm
Posted on 4/3/18 at 1:30 pm
Can you add building a shop into your construction loan Money? In the early stages of trying to find land to build and getting all info together. I was wondering if you could pour your shop slab when you poured your house slab and lump it into your construction loan?
Posted on 4/3/18 at 1:41 pm to gsvar2004
You can. You might need separate permits for it, but a bank will loan you money for the land and improvements.
Posted on 4/3/18 at 2:25 pm to gsvar2004
I'm doing the same thing right now. My builder told me to get the specs and a drawing of the shop and he would add it to our bid (He is not building the shop). I am running them as separate projects so we won't be pouring slabs the same day. My builder will pull my permits and my shop builder will contract the shop.
As far as the loan goes, they will add it into your mortgage and you will draw on it like you will for your house materials.
As far as the loan goes, they will add it into your mortgage and you will draw on it like you will for your house materials.
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