Define the work
A written scope, contractor quotes and timing help establish the funding requirement. Include contingency and any permits or inspections.
Plan when money is available
Some financing is advanced only when work is completed or verified. Ask how holdbacks and reimbursement affect your cash needs.
Compare the structure
Match the useful life and cost of the improvement to the repayment plan. Include borrowing and legal costs before deciding whether to refinance.
A useful starting checklist
- Detailed quotes and scope of work
- Property details
- Mortgage and income documents
- Timeline and contingency budget