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Building a shop as part of a construction loan?

Posted on 4/3/18 at 1:30 pm
Posted by gsvar2004
Member since Nov 2007
8867 posts
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 by TU Rob
Birmingham
Member since Nov 2008
13472 posts
Posted on 4/3/18 at 1:41 pm to
You can. You might need separate permits for it, but a bank will loan you money for the land and improvements.
Posted by Farmtiger
West "By God" Monroe
Member since Dec 2003
2988 posts
Posted on 4/3/18 at 2:25 pm to
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.
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