Are you familiar with Turnkey Financing?
Basically, when a home is built with Turnkey Financing, the buyer and builder agree on the price before construction begins, but the buyer doesn’t pay for home and land until after construction is complete! When you build with W.Boutros & Co. you’re really placing an order for a new home. We will carry the cost of construction until the home is complete.
So what does this mean for you? First and foremost, there is no need for a construction loan. You need only obtain a commitment letter from your bank, and, in conjunction with a security deposit, W.Boutros & Co. will move ahead with the building process. For those not familiar with construction loans, this type of borrowing places the burden of construction costs squarely on your shoulders. As soon as work starts on your home, you tap your construction loan funds to pay the bills and your interest meter begins to run. Conversely, with Turnkey Financing, you expend none your own capital, except for the aforementioned deposit, until the home is finished.
Our customers do not encounter the unpleasant experience of paying the rent/mortgage for their existing home and also another mortgage for their home-under-construction. Simply put, no money is paid to W.Boutros & Co. until the home is complete.
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