Submitting construction loan documents to a bank
Now that you have a complete construction loan application package put together its now time to send the package along with a set of plans to the bank. It is important to note that some lenders are finally catching up with modern day technology. I personally like to use as much technology as possible such as e-mail, the Internet, file transfer methods such as paperless technology. One of the most advanced lenders that I know of is Flagstar bank and they are paperless technology. Flagstar is paperless technology allows you to upload all of your documents in PDF format. You simply have too convert all of your documentation into PDF’s upload to their website and their paperless file management system. Flagstar bank does not require a full set of house plans so you do not have to worry about obtaining a set of plans to send to the lender. Eventually all banks and all lenders will all utilize some form of paperless loan submittal system.
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