Question 1

How much can I borrow for Belvedere construction?

Accepted Answer

Most lenders cap construction loans at 80% loan-to-cost. On a $3M project, expect to bring $600K down plus cover cost overruns from reserves.

Question 2

What happens if construction runs over budget?

Accepted Answer

You fund overruns from reserves or personal assets. Lenders won't increase loan amounts mid-project without full re-underwriting.

Question 3

Can I live elsewhere while building in Belvedere?

Accepted Answer

Yes, but lenders require reserves covering both your current rent or mortgage and the new construction loan payments during the build.

Question 4

How long do construction loans last?

Accepted Answer

12-18 months typically. Belvedere projects often need 18+ month terms given permitting and design review timelines.

Question 5

Do I pay interest during construction?

Accepted Answer

Yes, on drawn amounts only. Interest gets added to the loan balance or paid monthly depending on your lender's program.

Construction Loans in Belvedere: Finance Your Custom Build or Major Renovation