Financing Resources
Questions to Ask a Lender
- What loan programs do you offer and which one do you think is best for me?
- How long will the loan approval process take?
- What line items of the loan agreement – if any – are negotiable?
- What is your policy for locking in interest rates, and will you honor a lower rate if it declines during the lock-in period?
- Are there fees for prepaying on my loan?
- How many ICF construction projects have you funded?
Construction Lenders
The construction process can be stressful in itself, so finding the right lender is critical to making sure that the funding process is efficient and smooth. Look for a lender that is experienced in ICF construction and be wary of any lender who categorizes ICF homes with modular homes as the process and funding needs are very different. Make sure that the lender has the flexibility to tailor the draws and the construction line items to your project. Equally important is that there is one person from the bank who will work with you directly. Additionally, if you are going to use a different lender for financing your permanent loan, keep in mind that a lender that does not understand ICF construction may appraise it for less. Ask lots of questions, get everything in writing and read the fine print before you sign anything!
Here is our short list of recommended lenders to-date:
- Farmer State Bank, Calhan, CO. Contact: Scott Lutz - Very familiar with ICF homes having funded the construction of several ICF projects.