{"id":171295,"date":"2024-04-29T13:43:52","date_gmt":"2024-04-29T19:43:52","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=171295"},"modified":"2024-05-27T01:36:01","modified_gmt":"2024-05-27T07:36:01","slug":"getting-your-construction-project-over-the-finish-line","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/getting-your-construction-project-over-the-finish-line","title":{"rendered":"Real Estate Investors: Use These Loans to Get Your Construction Project Across the Finish Line"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC6681171931\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p><em>This article is presented by CV3 Financial. Read our&nbsp;<a href=\"https:\/\/www.biggerpockets.com\/blog\/editorial-blog-guidelines\" target=\"_blank\" rel=\"noreferrer noopener\">editorial guidelines<\/a>&nbsp;for more information.<\/em><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The real estate market is ever-evolving, and there has been a growing trend toward ground-up construction. With existing home inventory remaining at historic lows and no improvement in sight, new&nbsp;construction&nbsp;will be one of the solutions to the current housing crisis\u2014and savvy investors will reap the rewards, with an average<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/buildbook.co\/blog\/home-builders-profit-margin#:~:text=In%20other%20words%2C%20the%20better,10%25%2D20%25%20gross%20profit.\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">&nbsp;of 10% to 20% gross profit<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;on projects done right.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">For builders, a successful project is&nbsp;<\/span><span data-preserver-spaces=\"true\">one<\/span><span data-preserver-spaces=\"true\">&nbsp;completed on time and within budget. But that is no easy feat these days. According to the Construction Management Association of America, 98% of construction projects&nbsp;<\/span><span data-preserver-spaces=\"true\">go over<\/span><span data-preserver-spaces=\"true\">&nbsp;budget. To put it another way, that\u2019s 9 out of 10 projects, according to the<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.ijimt.org\/index.php?m=content&amp;c=index&amp;a=show&amp;catid=83&amp;id=1056\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/a><em><a class=\"editor-rtfLink\" href=\"https:\/\/www.ijimt.org\/index.php?m=content&amp;c=index&amp;a=show&amp;catid=83&amp;id=1056\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">International Journal of Innovation, Management and Technology<\/span><\/a><\/em><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">So what do you do when your construction project doesn&#8217;t go according to plan? Let&#8217;s&nbsp;<\/span><span data-preserver-spaces=\"true\">dive into<\/span><span data-preserver-spaces=\"true\">&nbsp;your financing options&nbsp;<\/span><span data-preserver-spaces=\"true\">that can help get you<\/span><span data-preserver-spaces=\"true\">&nbsp;back on track and over that finish line.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">What Are Construction Loans?<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Construction loans are short-term, interest-only loans that fund the building of a home.&nbsp;<\/span><span data-preserver-spaces=\"true\">Whether it\u2019s a tear-down or ground-up project,<\/span><span data-preserver-spaces=\"true\">&nbsp;many lenders offer short-term construction loans, often at a high rate due to the increased risk.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">To ensure the project progresses, most lenders&nbsp;<\/span><span data-preserver-spaces=\"true\">will<\/span><span data-preserver-spaces=\"true\">&nbsp;require you to finance the construction budget within the loan<\/span><span data-preserver-spaces=\"true\">, and as<\/span><span data-preserver-spaces=\"true\">&nbsp;work is completed, you submit&nbsp;<\/span><span data-preserver-spaces=\"true\">request<\/span><span data-preserver-spaces=\"true\">&nbsp;for \u201cdraws\u201d to reimburse you. Since these loans tend to have shorter terms, typically for&nbsp;<\/span><span data-preserver-spaces=\"true\">a period of<\/span><span data-preserver-spaces=\"true\">&nbsp;12 to 18 months, developers have very little wiggle room for unexpected issues or delays during the building process.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">There are&nbsp;<\/span><span data-preserver-spaces=\"true\">a multitude of<\/span><span data-preserver-spaces=\"true\">&nbsp;elements outside a developer\u2019s control\u2014specifically labor shortages and increased material costs. The construction industry is still facing&nbsp;<\/span><span data-preserver-spaces=\"true\">a lot of<\/span><span data-preserver-spaces=\"true\">&nbsp;problems in these areas as a direct result of the pandemic. According to a 2022 survey by the<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.agc.org\/sites\/default\/files\/users\/user21902\/2022_Workforce_Survey_National_Autodesk_M%20(2).pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">&nbsp;Associated General Contractors of America<\/span><\/a><span data-preserver-spaces=\"true\">, over 90% of construction firms are finding it&nbsp;<\/span><span data-preserver-spaces=\"true\">difficult<\/span><span data-preserver-spaces=\"true\">&nbsp;to find qualified professionals. And while construction prices are not surging at the breakneck speed they did during the pandemic, the industry&nbsp;<\/span><span data-preserver-spaces=\"true\">is still seeing<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.abc.org\/News-Media\/News-Releases\/abc-construction-materials-prices-rise-1-in-january-up-5-from-a-year-ago#:~:text=Nonresidential%20construction%20input%20prices%20increased,up%204.9%25%20since%20January%202022.\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">construction input price rises of 4.9% year over year as of January<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Time and costs are the two essential components of every ground-up construction project that are always interrelated. If your project starts experiencing delays or budget overruns, it can quickly&nbsp;<\/span><span data-preserver-spaces=\"true\">turn into<\/span><span data-preserver-spaces=\"true\">&nbsp;a nightmare of missed deadlines, quality compromises, and financial strain. The right financing solution can make all the difference in getting your construction over the finish line without sacrificing quality&nbsp;<\/span><span data-preserver-spaces=\"true\">and\/or<\/span><span data-preserver-spaces=\"true\">&nbsp;profits.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">If your loan is reaching maturity&nbsp;<\/span><span data-preserver-spaces=\"true\">and\/or<\/span><span data-preserver-spaces=\"true\">&nbsp;you\u2019re going over budget, here are a couple of different routes developers take:&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">1. Rush to complete the project on time and compromise on quality\u2014an undesirable option in every way.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">2. Try to get an extension on the terms, which comes with paying expensive extension fees or, even worse, no option from the lender to extend&nbsp;<\/span><span data-preserver-spaces=\"true\">at all<\/span><span data-preserver-spaces=\"true\">.&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">3. Refinance to pay off the loan, extend loan terms, and get more funds to complete the project.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Lender Extension Trap<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">You may&nbsp;<\/span><span data-preserver-spaces=\"true\">be thinking:<\/span><span data-preserver-spaces=\"true\">&nbsp;\u201cCan\u2019t I just extend the loan if it runs over the timeline?\u201d<\/span><span data-preserver-spaces=\"true\">&nbsp;That used to be an option, but not so much these days because the landscape of construction lending has shifted significantly over the past year.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Until March 2023, the largest share of construction loans&nbsp;<\/span><span data-preserver-spaces=\"true\">belonged to regional and local banks<\/span><span data-preserver-spaces=\"true\">, at<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.globest.com\/2023\/10\/05\/look-whos-financing-construction\/?slreturn=20240318131651\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">&nbsp;31%&nbsp;<\/span><span data-preserver-spaces=\"true\">of all loans<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><span data-preserver-spaces=\"true\">Overall,<\/span><span data-preserver-spaces=\"true\">&nbsp;banks of all sizes accounted for 60% of all construction loans.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">This healthy lending activity&nbsp;<\/span><span data-preserver-spaces=\"true\">was disrupted<\/span><span data-preserver-spaces=\"true\">&nbsp;when&nbsp;<\/span><span data-preserver-spaces=\"true\">a number of<\/span><span data-preserver-spaces=\"true\">&nbsp;regional banks began failing in the second quarter of 2023, leading to a liquidity crunch and subsequent retreat of regional banks from the construction lending sector. Those&nbsp;<\/span><span data-preserver-spaces=\"true\">that do still operate<\/span><span data-preserver-spaces=\"true\">&nbsp;in this space have tightened their rules, and most no longer offer construction loan extensions.&nbsp;<\/span><span data-preserver-spaces=\"true\">Those that do charge hefty fees<\/span><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">For a builder or developer operating within&nbsp;<\/span><span data-preserver-spaces=\"true\">already<\/span><span data-preserver-spaces=\"true\">&nbsp;tight margins, these fees can&nbsp;<\/span><span data-preserver-spaces=\"true\">throw the entire project into jeopardy<\/span><span data-preserver-spaces=\"true\">.<\/span><span data-preserver-spaces=\"true\">&nbsp;For example, a mere 1% extension fee on a $3 million construction loan would cost you $30,000 out of pocket.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">A Construction Completion Loan: The Superior Solution&nbsp;<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Given the limited availability and additional expense of extensions, what recourse do you have if your construction project is going over time&nbsp;<\/span><span data-preserver-spaces=\"true\">and\/or<\/span><span data-preserver-spaces=\"true\">&nbsp;budget? Consider a&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/cv3financial.com\/bp-construction-completion\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">construction completion loan<\/span><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">A construction completion loan is, in essence, a rate-and-term refinance based on the higher appraised value and can include a construction credit line for builders who need more funds. In addition&nbsp;<\/span><span data-preserver-spaces=\"true\">to that<\/span><span data-preserver-spaces=\"true\">,&nbsp;<\/span><span data-preserver-spaces=\"true\">any loan costs associated with the refinance can be rolled<\/span><span data-preserver-spaces=\"true\"> into your new loan,&nbsp;<\/span><span data-preserver-spaces=\"true\">so<\/span><span data-preserver-spaces=\"true\">&nbsp;you\u2019re not paying any&nbsp;<\/span><span data-preserver-spaces=\"true\">costs<\/span><span data-preserver-spaces=\"true\">&nbsp;out of pocket, helping your overall liquidity.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">This<\/span><span data-preserver-spaces=\"true\">&nbsp;provides developers\/builders with three valuable outcomes:&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">1. The ability to pay off a maturing construction loan.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">2. More time to complete construction and sell the property without sacrificing quality.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">3. The ability to use&nbsp;<\/span><span data-preserver-spaces=\"true\">the<\/span><span data-preserver-spaces=\"true\">&nbsp;funds from a construction credit line to&nbsp;<\/span><span data-preserver-spaces=\"true\">see<\/span><span data-preserver-spaces=\"true\">&nbsp;the remainder of the project&nbsp;<\/span><span data-preserver-spaces=\"true\">through<\/span><span data-preserver-spaces=\"true\">.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Who Is Eligible for a Completion Loan?<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">When structuring out financing mid-construction,<\/span><span data-preserver-spaces=\"true\">&nbsp;lenders need to determine borrower qualifications and project viability.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><span data-preserver-spaces=\"true\">You must have a good credit rating,<\/span><span data-preserver-spaces=\"true\">&nbsp;a&nbsp;<\/span><span data-preserver-spaces=\"true\">satisfactory&nbsp;<\/span><span data-preserver-spaces=\"true\">level of<\/span><span data-preserver-spaces=\"true\">&nbsp;experience in new builds, and a property at the mid-construction stage.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Lenders that offer construction completion loans will consider projects that are roughly 75% complete and satisfy three main criteria:<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">1. The property is weathertight; the foundation, frame, roof, doors, and windows have&nbsp;<\/span><span data-preserver-spaces=\"true\">been installed<\/span><span data-preserver-spaces=\"true\">; the siding is complete.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">2. The property has rough plumbing, rough electrical, and HVAC.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">3. There are no mechanic&#8217;s liens on the property.&nbsp;<\/span><span data-preserver-spaces=\"true\">A title report will be pulled to ensure&nbsp;<\/span><span data-preserver-spaces=\"true\">there are no mechanic&#8217;s liens on the property<\/span><span data-preserver-spaces=\"true\">.<\/span><span data-preserver-spaces=\"true\">&nbsp;Lenders want to make sure you are paying your contractors and subcontractors.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Let\u2019s consider a real-life example.&nbsp;<\/span><span data-preserver-spaces=\"true\">A builder in Atlanta took out a&nbsp;<\/span><span data-preserver-spaces=\"true\">loan for<\/span><span data-preserver-spaces=\"true\">&nbsp;$3.1 million on a luxury single-family construction project&nbsp;<\/span><span data-preserver-spaces=\"true\">with their local bank<\/span><span data-preserver-spaces=\"true\">.<\/span><span data-preserver-spaces=\"true\">&nbsp;When the builder realized the project was&nbsp;<\/span><span data-preserver-spaces=\"true\">going<\/span><span data-preserver-spaces=\"true\">&nbsp;over budget and would not be completed on time to pay off their maturing loan, they worked with a hard money lender for a mid-construction refinance.&nbsp;<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The lender agreed to a 12-month refinancing loan at 90% LTC (loan-to-cost). The new total loan amount&nbsp;<\/span><span data-preserver-spaces=\"true\">came out to<\/span><span data-preserver-spaces=\"true\">&nbsp;$3.9 million (not including closing costs).&nbsp;<\/span><span data-preserver-spaces=\"true\">Included in their<\/span><span data-preserver-spaces=\"true\">&nbsp;new loan amount&nbsp;<\/span><span data-preserver-spaces=\"true\">was an additional $800,000 in construction financing<\/span><span data-preserver-spaces=\"true\">&nbsp;since the property value increased and the builder had a much more accurate budget to&nbsp;<\/span><span data-preserver-spaces=\"true\">get it completed<\/span><span data-preserver-spaces=\"true\">.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">With their new loan, the builder&nbsp;<\/span><span data-preserver-spaces=\"true\">was able to<\/span><span data-preserver-spaces=\"true\">&nbsp;pay off the maturing loan with their original lender and use the additional $800,000 in construction financing to get the project over the finish line without sacrificing time and quality.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Finding the Right Lender for Construction Completion Financing<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Are you in the final stages of a construction project, but a loan maturity is threatening to derail&nbsp;<\/span><span data-preserver-spaces=\"true\">your project<\/span><span data-preserver-spaces=\"true\">? Do you need&nbsp;<\/span><span data-preserver-spaces=\"true\">to<\/span><span data-preserver-spaces=\"true\">&nbsp;more time to complete your project, but don&#8217;t have room in your budget for pricey extension fees?<\/span><span data-preserver-spaces=\"true\">&nbsp;Has your project&nbsp;<\/span><span data-preserver-spaces=\"true\">gone over<\/span><span data-preserver-spaces=\"true\">&nbsp;budget, but there&#8217;s still work that needs to&nbsp;<\/span><span data-preserver-spaces=\"true\">be done<\/span><span data-preserver-spaces=\"true\">?<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">It\u2019s&nbsp;<\/span><span data-preserver-spaces=\"true\">important<\/span><span data-preserver-spaces=\"true\">&nbsp;to do your research<\/span><span data-preserver-spaces=\"true\">, as not all lenders offer construction completion financing.<\/span><span data-preserver-spaces=\"true\">&nbsp;Your goal is to find a lender experienced in construction completion loans because they understand the complexities of these types of projects.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">This financing solution is a great tool for builders&nbsp;<\/span><span data-preserver-spaces=\"true\">who are<\/span><span data-preserver-spaces=\"true\">&nbsp;approaching the finish line on one of their builds<\/span><span data-preserver-spaces=\"true\">\u2014giving<\/span><span data-preserver-spaces=\"true\">&nbsp;them more time and capital to complete their projects and collect their profit instead of being dragged down by cost overruns or fees from their maturing loan.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Remember: Successfully negotiating a construction completion loan is about building a relationship with a lender\u2014or your capital partner. At&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/cv3financial.com\/bp-construction-completion\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">CV3 Financial<\/span><\/a><span data-preserver-spaces=\"true\">, we understand your needs, whether you are building a rental, flipping a home, or looking to consolidate your portfolio into a single loan. CV3\u2019s&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/cv3financial.com\/bp-construction-completion\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Construction Completion Financing<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;is here to help you get your project across the finish line!&nbsp;<\/span><\/p>\n\n\n\n<div class=\"wp-block-group border border-gray-200 p-6 rounded-md has-slate-50-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n    \n  <div \n    id=\"segemnt-view-event-block_7e6c3ad7033b920cc4b61e2bbbc946f0\" \n    class=\"  \"\n    x-intersect:enter.once=\"\n      analytics.track('DoorLoop Blog Sponsor View', {\n        referrer: 'https:\/\/www.biggerpockets.com\/blog\/getting-your-construction-project-over-the-finish-line',\n              })\n    \">\n    \n  <\/div>\n  \n\n\n<h3 class=\"wp-block-heading has-text-align-left mt-0\"><strong>This article is presented by CV3 Financial<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"3000\" height=\"742\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/04\/CV3-Logo-Horizontal-primary-1.png\" alt=\"cv3 financial\" class=\"wp-image-171301\" style=\"width:489px;height:auto\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/04\/CV3-Logo-Horizontal-primary-1.png 3000w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/04\/CV3-Logo-Horizontal-primary-1-300x74.png 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/04\/CV3-Logo-Horizontal-primary-1-1024x253.png 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/04\/CV3-Logo-Horizontal-primary-1-768x190.png 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/04\/CV3-Logo-Horizontal-primary-1-1536x380.png 1536w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/04\/CV3-Logo-Horizontal-primary-1-2048x507.png 2048w\" sizes=\"auto, (max-width: 3000px) 100vw, 3000px\" \/><\/figure>\n\n\n\n<p>CV3 Financial Services was built by and for real estate investors to provide both purchase and refinancing options for investment properties in 30+ states. CV3 delivers direct answers, quick closings, and flexible solutions for bridge, fix and flip and rehab loans, as well as adjustable or fixed rate rental property financing. With their diversified financial strength, CV3 is a lender that delivers speed, leverage, and consistency.<\/p>\n\n\n\n<div id=button-custom-event-block_c35d2860f67cb6aed05c113c2250a684 class='button-custom-event'>\n      <a href=\"https:\/\/cv3financial.com\/bp-construction-completion\/\" x-on:click=\"window.analytics.track(&#039;Sponsored Blog CTA Click&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/getting-your-construction-project-over-the-finish-line&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\" rel=\"noopener\">Learn more about CV3 Financial<\/a>\n  <\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\"><\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>This article is presented by CV3 Financial. Read our&nbsp;editorial guidelines&nbsp;for more information. The real estate market is ever-evolving, and there has been a growing trend toward ground-up construction. With existing [&hellip;]<\/p>\n","protected":false},"author":613734,"featured_media":171305,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7402,7119],"tags":[],"class_list":["post-171295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-traditional-loans","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/171295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613734"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=171295"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/171295\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/171305"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=171295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=171295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=171295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}