Wish there was more flexibility built in upfront... nobody finishes on time anymore, right?
We had a 12-month loan too, and honestly, it felt unrealistic from the start. Ended up needing a three-month extension because of inspection delays. I’m seeing more lenders offer 18 months now, but you really have to push for it. The paperwork for extensions is a pain, but at least it’s an option if things go sideways.
We’re in the middle of our first build and the 12-month loan window feels tight, even with a good contractor. Weather delays and permit stuff just add up. I wish we’d pushed for 18 months upfront—would’ve saved some stress.
We’re in the middle of our first build and the 12-month loan window feels tight, even with a good contractor. Weather delays and permit stuff just add up.
Totally get where you’re coming from—12 months can fly by once you factor in all those little hiccups. In my experience, even the best-laid plans get thrown off by things like backordered finishes or inspection schedules shifting. If you’re still in the early stages, try to prioritize interior selections sooner rather than later. That way, you’re not scrambling at the end and risking more delays. I’ve seen clients breathe easier when they have a buffer, even if it’s just a couple extra months.
I hear you on the timeline—those “just a few weeks” delays really stack up. I’m curious, has anyone here managed to negotiate for a longer loan term up front, or is 12 months just the standard banks stick to now? I’ve seen some lenders offer 18 months, but it seems rare. Wondering if the extra interest is worth it for peace of mind...
I’ve seen some lenders offer 18 months, but it seems rare. Wondering if the extra interest is worth it for peace of mind...
I’ve wondered about that too—those longer terms sound tempting when you’re staring down a project that keeps hitting snags. Has anyone actually run the numbers on how much more you end up paying for those extra months? I keep thinking the stress savings could be worth it, but maybe I’m underestimating the cost. Also, do lenders ever let you extend mid-project, or is it all locked in from the start?
