A practical sequence
Plan the decisions before they become delays.
Questions for your lender and builder about plans, project scope, construction draws and the transition to permanent financing.
Understand the loan structure
The Consumer Financial Protection Bureau describes construction loans as generally short-term financing, with funds commonly advanced as work progresses. The transition to longer-term financing depends on the loan; it may involve conversion or a separate application. Ask the lender to explain the specific structure offered to you.
Request the lender’s project checklist
Ask which plans, specifications, budget information, builder documents and property details the lender requires. Share that list with the builder early. Do not assume one lender’s checklist applies to another lender or that an informal planning figure is sufficient for an application.
- Required construction documents
- Property and land information
- Builder documentation
- Deadlines and review sequence
Clarify how draws interact with construction
Ask who requests a draw, what documentation or inspection is required and how timing affects payment for completed work. Review those questions alongside the proposed construction agreement. A loan approval and a construction payment schedule should not be assumed to have identical requirements.
Ask about the transition and unresolved conditions
Have the lender explain what must happen before permanent financing is available, what conditions remain and what happens if the project timing changes. Ask for the actual loan documents and a written explanation of points you do not understand.
Keep private financial information with the lender
For an initial GSP website inquiry, share the project location, preferred plan and construction questions. Do not submit account numbers, Social Security numbers or loan-application documents through the consultation form. GSP is the builder, not the lender, and this guide does not promise approval, rates or loan eligibility.