Build to rent company Letta has launched their latest new development site Silkash, providing 21 much-needed family homes for private rent in Westhoughton, Bolton. The energy-efficient homes are built by Peel L&P’s homebuilder, Northstone, which creates sustainable, designed homes that set a high standard for new builds. “The first rental
Construction has now been completed at the landmark mixed-tenure development on Luton Street near Edgware Road, delivered by Westminster Builds and Linkcity. This pioneering project is the first step in Westminster City Council’s long-term regeneration of the established Church Street neighbourhood; it is revitalising the area with 171 modern new
ANDY Street, Mayor of the West Midlands, has been welcomed on site to view the progress of the highly anticipated Cookley Works scheme, which we are developing alongside Lovell Partnerships in collaboration with the West Midlands Combined Authority (WMCA). It’s one of many projects in the region helping to regenerate
Modular specialist Integra Buildings has been appointed onto a £10bn Government framework to drive investment in the offsite construction sector. Integra has been named as a supplier on the newly-launched Offsite Construction Solutions framework, which spans a variety of sectors including health, housing, education and defence. The framework, delivered by
2022 has been a year of major achievements for Deepki, the market-leading ESG data intelligence firm, in terms of commercial success, new hires and significant corporate announcements, beginning with its €150 million Series C round of funding in March. Deepki is the only company in the world offering a fully
A2E, one of the country’s leading product design companies, has taken additional space at its Livingston headquarters to cope with increasing demand for its services. The company which has 18 employees has taken an extra 600 sq ft of floor at the Alba Innovation Centre. The 50% increase in office
Glazpart is pleased to announce that Dean Bradley has joined the Board of Glazpart Group of Companies as Sales Director. Dean joined Glazpart in 2012 as Sales and Marketing Manager and has been instrumental in developing the business over the last decade, with continuous unprecedented sales growth. In addition to
General Air Products has partnered with Cortec® Corporation to develop a Vapor phase Corrosion Inhibitor delivery system for corrosion mitigation of fire sprinkler systems. General Air Products calls this new Vapor Pipe Shield “A game-changing innovation in corrosion prevention technology for dry [and] pre-action fire sprinkler systems.” Cortec® is excited
Akela Construction has been appointed by Dawn Homes to lead a diverse package of works for the new Quarriers Gate development at Bellshill. Following approval last year, the 3.1-hectare site, sitting on land formerly occupied by Bellshill Athletic Club, will be transformed to create 74 new two-storey detached, semi-detached and
Home construction loans are becoming increasingly popular in the United States as more and more people choose to build their dream homes rather than buy pre-existing ones. However, securing a home construction loan is not as simple as filling out an application and waiting for approval. One of the key
BDC 319 : Aug 2024
Build to rent company Letta has launched their latest new development site Silkash, providing 21 much-needed family homes for private rent in Westhoughton, Bolton. The energy-efficient homes are built by Peel L&P’s homebuilder, Northstone, which creates sustainable, designed homes that set a high standard for new builds. “The first rental homes at our site in Ellesmere Port were a big hit and we’re expecting strong demand in Bolton. We’re bringing something new to the suburban market that’s in really short supply – well-designed rental communities boasting high quality new build homes alongside a professional, attentive management service. Residents will be joining an established and green development, where there’s already a genuine sense of community among those that call it home,” said Jo Allen, Operations Director for Letta. The properties are marketed, let, and managed by Redwing property agency, a trusted landlord delivering a premium management service to residents. Properties range from two, three and four-bedrooms featuring a stunning design with open plan living spaces, high ceilings and big windows. All including private leafy gardens that are rich in biodiversity, close to key transport links and sustainable travel routes. Letta homes are built for the future and designed beyond the current building regulations for energy performance, packed with smart technology proven to reduce energy bills by up to 25% on the cost of heating. “Letta brings an exceptional standard of sustainable and high-quality single-family homes to the North West private rent market, and have been a huge success with residents so far at Glisk and Airie sites. We look forward to continuing working with our partners at Letta and help residents settle into these brilliant new homes at Silkash,” added Michelle Brooks, Director of Operations at Redwing. Since Letta’s launch in August 2022, 33 residents have found a new home to rent with Letta at various development sites, Glisk in Ellesmere Port, and Airie in Bolton. Building, Design & Construction Magazine | The Choice of Industry Professionals
Construction has now been completed at the landmark mixed-tenure development on Luton Street near Edgware Road, delivered by Westminster Builds and Linkcity. This pioneering project is the first step in Westminster City Council’s long-term regeneration of the established Church Street neighbourhood; it is revitalising the area with 171 modern new homes, state-of-the-art community facilities, over £5m of community contributions and transformative public realm enhancements. The Luton Street regeneration has been delivered by joint venture partners Westminster Builds – Westminster City Council’s wholly owned development arm – and Linkcity, a division of Bouygues UK and a trusted partner that has delivered many projects with the Council. The partners have jointly funded the project and are jointly responsible for delivery, finances, marketing and sales; Linkcity is leading the construction with Bouygues UK as the main contractor. Providing huge economic benefit, income generated by the sale of homes will unlock funding to deliver new and refurbished homes, amenities and public space across Westminster’s ten development sites in and around Church Street. Of the 171 modern new homes at Luton Street, 109 are for sale and 62 designated affordable, including 12 townhouses; with three additional affordable townhouses that were completed further up Fisherton Street, by the delivery partners earlier in 2022. These popular homes are now occupied by local families. Local people have been prioritised as part of the sales strategy, giving those living in the city first call on purchasing a home here. With recent changes to the Council’s Administration, the project team have reviewed the number of affordable social rent homes that are part of this scheme and are now making further changes to maximise the number of social rent by a further 15 homes, which includes 3 x 3 bedrooms and 12 x 2 bedrooms, with the remainder 4 x 1-bedroom homes offered as intermediate rent. The scheme has community at its heart; the partners have also delivered a 490m2, triple-height, three-court new sports hall and community space for the wider neighbourhood to benefit from. The new centre, run by Everyone Active in partnership with Westminster City Council, will feature a three-court sports hall suitable for football 5 a-side, basketball, futsal, netball, volleyball, badminton, and table tennis. The new Church Street Community Sports Centre will offer affordable access for community groups and residents, and there is a community studio which can be used for group exercise classes ranging from yoga to events, community meetings, children’s parties and soft play. A £3m contribution is being used to improve local infrastructure and public realm, while a further £2.4m contribution is being used to improve surrounding residential buildings. Development also includes the first section of a new green spine, a landscaped pedestrian route that will better link Church Street with Marylebone and re-establish connectivity within the neighbourhood. Designed with pedestrian and cycle paths, gardens and play areas, this is a space predominantly for people away from cars. It will encourage healthy living through opportunities for walking, cycling, play and exercise, while biodiverse green spaces will be wonderful places to relax and will attract birds and wildlife. Many local people have been employed to the project as part of the partners’ commitment to social impact. By March 2022, the partners had exceeded their percentage contractual targets for local employment by 140% for work experience placements, 267% for local support activities, 103% for new apprentices and local jobs and an impressive 576% for volunteering hours. Cllr Matt Noble, Cabinet Member for Climate Action, Regeneration and Renters at Westminster City Council, said: “Building genuinely affordable and social homes for local people is at the top of the list of priorities for the council and so I’m delighted to be able to offer more social homes than originally planned as part of this development. The Luton Street development, and the wider Church Street regeneration programme, is delivering changes that will revitalise the area and provide numerous benefits to local people and communities.” Phillipa Prongué, Managing Director, Linkcity, comments: “This partnership between council and private developer has resulted in a ‘best of both’ project; Linkcity’s placemaking, construction and development credentials are creating a development that can compete internationally in a crowded marketplace while Westminster’s involvement as a partner means that the delivery of the scheme is always underpinned by a community-first approach. “This is a scheme that is not only bringing new homes, community facilities and green space within its own red line but also unlocking the transformational regeneration of an entire neighbourhood as a result. This would not have been possible without the equal contribution of either partner.” Rob Bradley, CEO, Bouygues UK, said “We’re proud to have delivered this exemplar project to the residents of Westminster. The quality of this landmark mixed-tenure development is testament to the strength of the Bouygues UK, Linkcity and Westminster Builds partnership. As one of the first contractors to work with the council’s newly launched development arm, Westminster Builds, the relationship has been a huge success and we look forward to seeing where it will take us in the future. Congratulations to all those who played a part in this incredible scheme.” Building, Design & Construction Magazine | The Choice of Industry Professionals
ANDY Street, Mayor of the West Midlands, has been welcomed on site to view the progress of the highly anticipated Cookley Works scheme, which we are developing alongside Lovell Partnerships in collaboration with the West Midlands Combined Authority (WMCA). It’s one of many projects in the region helping to regenerate acres of derelict industrial land for affordable new homes, supporting the region to meet its housing needs. When complete, Cookley Works will become a thriving community offering a mix of affordable rent and low-cost home ownership. Platform will look after 71 of the homes, providing affordable rent and shared ownership opportunities. Marion Duffy, chief operations officer at Platform Housing Group, said: “We are really pleased to deliver much needed affordable housing for the community. It’s especially pleasing that this site uses remediated land as a solution, protecting vital green space in the area. I’d like to thank our partners, notably Lovell and the WMCA for their work towards bringing this project to fruition.” The Mayor said: “Cookley Works is another great example of the commitment of the WMCA, alongside partners Dudley Council, Lovell and Platform Housing Group to continue delivering good quality, affordable homes for our communities. “Despite the challenges of the last couple of years, we’ve continued to make significant investments into the regeneration of brownfield land, unlocking previously difficult to develop sites for new homes, helping to protect our precious green belt in the process. “This is also helping to drive our economic recovery by creating vital new jobs and apprenticeships and I look forward to seeing local people move into these new homes and create a thriving, attractive new community.” Stuart Penn, regional managing director for Lovell Partnerships, said: “Having begun work to prepare the site for building, it was a great opportunity to welcome Andy Street and show him around this area where this fantastic project will come to fruition. Partnerships such as the one between Lovell and WMCA are vital to help meeting the housing demand for communities and aligns with our mission to create a lasting legacy.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Modular specialist Integra Buildings has been appointed onto a £10bn Government framework to drive investment in the offsite construction sector. Integra has been named as a supplier on the newly-launched Offsite Construction Solutions framework, which spans a variety of sectors including health, housing, education and defence. The framework, delivered by the Crown Commercial Service (CCS), will replace the existing £500m Modular Buildings Solutions framework in April. A total of 29 suppliers have been named on the new framework, which runs for four years, with the possibility of a three-year extension. It means Integra will be able to tender for major contracts with public sector clients across the UK. Gary Parker, Managing Director at Integra Buildings, said: “To be named on the new Offsite Construction Solutions framework is a huge vote of confidence in Integra and our proven capability to deliver major public sector projects to the very highest standards. “Since being appointed onto the old framework four years ago, we’ve delivered some of the biggest projects in our 25-year history. Integra continues to grow and evolve, with clients right across the UK. “The offsite and modular construction sector continues to expand at pace and being named on this framework ensures we’ll remain right at the forefront of that exciting journey.” The new Offsite Construction Solutions framework has an estimated total value of £10bn over at least the next four years. It is split up into six lots, each representing a different sector. Integra has been named in three lots – Built Estate Including Education, Justice and Defence – enabling the company to tender for major projects in these fields nationwide. Since joining the Modular Buildings Solutions framework in 2019, Integra has delivered a series of key projects for clients including Network Rail, the Environment Agency and the Department for Work and Pensions. Contracts completed under the previous framework include the construction of temporary housing for Reading Borough Council, a new job centre in Birmingham and modular units which were shipped to Cyprus for use by the Ministry of Defence. Integra designs and constructs buildings off-site in controlled conditions at its purpose-built factories in Paull, East Yorkshire, before delivering and installing them in situ, a process that reduces project timescales and minimises disruption to customers, with no compromise on quality. Integra is joined on the new framework by major suppliers including Portakabin, Wernick and Reds10. The Offsite Construction Solutions framework is delivered by the CCS, which supports the public sector to achieve maximum commercial value when procuring technology solutions. In 2021/22, the CCS helped the public sector achieve commercial benefits equal to £2.8 billion – supporting world-class public services that offer best value for taxpayers. John Welch, Deputy Director for Construction at the CCS, said: “This new framework will support the public sector in the design, delivery and commissioning of a whole range of offsite construction projects in the coming years, including social housing, new schools and hospital extensions. “These projects, and the many more which will come, have the potential to improve services and the lives of millions of people.” Integra has built a strong reputation over more than 25 years for its innovative, bespoke approach to modular construction, meaning it can match the design of a building to each client’s specific needs. Integra enjoyed a busy 2022 which saw it complete significant contracts including the delivery of new offices for Triumph Motorcycles at its site in Coventry, providing school buildings across the country, from Merseyside to Surrey, and forge an exciting new partnership with More Housing to supply modular accommodation units to combat homelessness across the UK. Building, Design & Construction Magazine | The Choice of Industry Professionals
2022 has been a year of major achievements for Deepki, the market-leading ESG data intelligence firm, in terms of commercial success, new hires and significant corporate announcements, beginning with its €150 million Series C round of funding in March. Deepki is the only company in the world offering a fully populated ESG data intelligence platform to help commercial real estate investors, owners and managers improve the ESG performance of their real estate assets. Over the past 12 months, Deepki has seen revenues grow by over 90% and has won a succession of high-profile clients, including Stellantis, Real I.S., Merlin Properties Sagitta SGR, Fidal and Maisons de Famille. “Our collaboration with Deepki enables us to improve and automate data collection for a fast-growing number of assets in Europe, allowing us to measure energy consumption and environmental impact, and to take action based on robust data analytics. Access to an extensive, reliable and comparable data set proved key in defining our sustainability strategy”, says Olivier Terrenoire, Head of Asset & Property Management and Sustainable Investing at Generali Real Estate. “Deepki Ready represents an essential building block in Real I.S.’s digitization strategy. It provides a transparent overview of portfolio consumption, thereby enabling the comparison of consumption data from individual tenants.” says Stephan Mühlbauer, Managing Director at Real I.S. “Thanks to the Deepki Ready platform, we are able to understand our portfolio’s environmental performance, compare it with the market average and identify areas for improvement, as well as exposure to physical climate risk. Deepki’s team supports us in monitoring our assets on an ongoing basis, and taking measures to improve our ESG performance.” says Claudio Nardone, CEO at Sagitta SGR. With offices in key markets such as France, the UK, Germany, Italy and Spain, Deepki continues to strengthen its leadership position in Europe. Its €150 million round of funding, announced in March, represented the largest of its kind in ClimaTech SaaS for the real estate sector, with the objective of accelerating internal and external growth, international expansion and innovation. In June, Deepki acquired its main UK-based competitor, Fabriq, adding more customers to its rapidly growing customer base, as well as a platform with complementary features to Deepki’s “Deepki Ready”. The business has also been on a major recruitment drive at all levels to support its growing client base in all regions. Since January 2022, it has made 250 hires, including strategic appointments to its Executive Committee, with the appointment of Fréderic Chabrol (CFO) and Phill Oliver (Chief Commercial Officer), as well as its Leadership Committee, with Elise Jacques joining as VP Transformation and M&A, Anastasia Petrova as Global Head of Partnerships and Christophe Temple taking on the role of VP Experience & Design. A further 300 hires are planned for 2023. The company adheres to a strict policy of equality and diversity, with 51% of senior positions being held by women, a score of 99/100 in the Professional Equality Index and the recent implementation of a diversity charter. Deepki also renewed its EcoVadis assessment, increasing its previous score from 56 to 63. Innovation and product development In November, Deepki launched its “ESG Index” in partnership with the IEIF, in an effort to help real estate players understand the performance of their assets in relation to that of the market and meet the challenges of the EU Taxonomy. This represents the first European benchmark measuring real estate’s ESG performance. Freely accessible online, it provides values for the average, top 15% and top 30% of building stock in terms of performance in primary energy consumption for each asset class, by country. Deepki continues to innovate, develop and enhance its scalable SaaS platform with the addition of new capabilities such as heatmaps assessing individual assets’ resilience in the face of physical climate risk, advanced scenarios within its Carbon Pathways feature, and new benchmarks for measuring and comparing CO₂ emissions and energy consumption. The platform is supported by a growing team of carbon and ESG experts who partner with clients across data collection and analysis, through to ESG strategy definition and implementation. Outlook for 2023 Looking ahead to 2023, Deepki is predicting revenues to continue doubling as commercial real estate owners invest in improving ESG performance and energy efficiency, to ensure their assets meet their net zero targets by 2030 through the implementation of carbon pathways, while tackling soaring costs as a result of the energy crisis. It has also begun entering new markets such as North America, where it sees a huge opportunity for its capabilities, with US commercial real estate lagging behind Europe when it comes to ESG performance. Deepki will also continue to expand its footprint in Europe, setting its sights on the Netherlands and the Nordics, as well as pursuing its M&A strategy with further acquisitions to be announced over the course of 2023. Commenting on Deepki’s 2022 achievements, Vincent Bryant, CEO and co-founder of Deepki, said “Last year saw a number of exciting developments for Deepki, including securing significant new investment and the launch of our ESG Index. In 2023, we will continue to focus on growing our client base, which now includes market-leading financial institutions and expanding our global footprint, as we help businesses around the world tackle the climate change challenge.” Deepki is the only company in the world offering a fully populated ESG data intelligence platform to help commercial real estate investors, owners and managers to get a comprehensive overview of their portfolio’s ESG performance, while maximizing the value of their assets. Users can establish investment plans to reach net zero, assess results and report to key stakeholders. The platform is supported by carbon and ESG experts who partner with clients across data collection and analysis, through to ESG strategy definition and implementation. Now with over 350 employees, five offices across Europe and operating in over 41 countries, Deepki has become the global leader in ESG and data intelligence solutions for environmental transition in the commercial real estate sector. For further information about Deepki’s end-to-end ESG solutions, visit: www.deepki.com Building,
A2E, one of the country’s leading product design companies, has taken additional space at its Livingston headquarters to cope with increasing demand for its services. The company which has 18 employees has taken an extra 600 sq ft of floor at the Alba Innovation Centre. The 50% increase in office space has come about as a result of a strong pipeline of new business and recruitment of more personnel. Managing director, David Ross said: “A number of major new projects have come in over the past few months and we have had to ramp up recruitment including the appointment of several new engineers. We have acquired additional office space at Alba to ensure we have ample room to grow as we recruit more engineers and project managers.” A2E celebrates 20 years in business this year. To date the company has worked on 400 projects for 120 customers. The company works across a number of industry sectors but has specialist expertise in the oil and gas sector; in particular developing devices which are intrinsically safe. In 2019 the company became part of Kansas-based Pivot International offering access to an additional 105 development engineers worldwide as well as Pivot’s global manufacturing capabilities. This means the company can provide a complete end-to-end product development solution from concept and prototyping to full commercialisation and manufacture. Glasgow-based product design company Wideblue is also part of the Pivot group. Together with A2E they represent Scotland’s largest independent product design group. For further information A2E www.a2etech.com Wideblue www.wide-blue.com Pivot International www.pivotint.com Building, Design & Construction Magazine | The Choice of Industry Professionals
Glazpart is pleased to announce that Dean Bradley has joined the Board of Glazpart Group of Companies as Sales Director. Dean joined Glazpart in 2012 as Sales and Marketing Manager and has been instrumental in developing the business over the last decade, with continuous unprecedented sales growth. In addition to growing sales, Dean has worked closely with Glazpart’s Technical and Design Team implementing a strong product development strategy that has introduced many new products to the glass, glazing, construction, industrial and automotive sectors. On his appointment, Dean commented, “Being part of Glazpart’s successful journey for over ten years has been a joy. With continuous investment in innovation and state of the art machinery to meet the increasing demand for our products, it’s an exciting time for Glazpart. I look forward to being part of a strong and talented Board, to help steer the company to even greater success in the future.” Building, Design & Construction Magazine | The Choice of Industry Professionals
General Air Products has partnered with Cortec® Corporation to develop a Vapor phase Corrosion Inhibitor delivery system for corrosion mitigation of fire sprinkler systems. General Air Products calls this new Vapor Pipe Shield “A game-changing innovation in corrosion prevention technology for dry [and] pre-action fire sprinkler systems.” Cortec® is excited about the opportunity it opens for facility engineers and consulting engineers to apply the benefits of VpCI® Technology to critical fire suppression systems. A More Dependable Alternative to Nitrogen Purge The Vapor Pipe Shield is a convenient, more dependable alternative to nitrogen blanketing or dried air for protection of fire sprinklers against corrosion. It relies on Cortec® VpCI® Technology—Vapor phase Corrosion Inhibitors that create a protective molecular shield on the inside of the sprinkler piping system. No special equipment is required; the cartridge is compatible with standard sprinkler setups and is easy to install between the air compressor and the piping. Compressed air initially helps the Vapor phase Corrosion Inhibitors diffuse throughout all branches of the piping system to form an active layer of protection on metal surfaces. Since these Vapor phase Corrosion Inhibitors continue to protect as long as the system remains closed, corrosion mitigation does not depend on a constant source of electricity. That means a failed air compressor, nitrogen generator, or power source does not equal failed protection or require complete reapplication. Vapor phase Corrosion Inhibitors also protect in the presence of residual moisture and oxygen. Patenting, Testing, and Certification By drawing on its expertise in compressed air and nitrogen purge systems for fire sprinklers, General Air Products was able to bring to life the technology envisioned in one of Cortec’s latest patents. Vapor Pipe Shield technology follows one of the patent’s two recommendations for distributing Cortec® Vapor phase Corrosion Inhibitors throughout the system. General Air Products reported that preliminary testing of the Cortec® inhibitor treated sample showed better protection than samples treated with (1) nitrogen and (2) compressed ambient air. General Air Products also evaluated the speed of VpCI® vapor migration throughout a dry sprinkler piping system test rig and determined that full distribution and protection could be achieved within one week of installation. Further validation testing continues. Most recently, the product received UL certification for use in dry fire sprinkler systems, overcoming the last major hurdle to bring Cortec’s patented technology to market. A New Era for Fire Suppression Cortec’s collaboration with General Air Products culminates years of visionary R&D to bring time-tested technology to a market that stands to benefit in terms of cost, convenience, and effective protection. It is yet another step forward in what may become the next best trend in fire sprinkler protection. Contact Cortec® to learn more about this corrosion mitigation system, or to discuss other possible Cortec® Technology collaborations: https://www.cortecvci.com/contact-us/
Akela Construction has been appointed by Dawn Homes to lead a diverse package of works for the new Quarriers Gate development at Bellshill. Following approval last year, the 3.1-hectare site, sitting on land formerly occupied by Bellshill Athletic Club, will be transformed to create 74 new two-storey detached, semi-detached and terraced homes off Hattonrigg Road. “This is an extensive package of work and will allow us to showcase our skill and experience in delivering a wide range of ground engineering works. Quarriers Gate is an exciting, yet complex development at Bellshill and one which presents us with a great opportunity to put our expertise into practice. We’re committed to delivering the very best service for our clients and we’re looking forward to working with our colleagues at Dawn Homes once again when our team arrives on site in March,” said Paul Winters Operations Director of Akela Construction. With a combined value of £4.2m, Akela will deliver full development earthworks, including creation of a SuDs pond and sewers, including a diversion to a large combined sewer around the boundary of the site parallel to Hattonrigg road, floor slabs and plotwork. “We look forward to continuing our successful relationship with Akela Construction as we shortly begin work to transform this previously neglected site into a vibrant community with much needed modern, energy-efficient housing and will provide lasting benefits to the local area for years to come,” added Dawn Homes Managing Director, Martin Egan. Akela will also deliver the road and footpath network, driveways, and street lighting. Work is due to begin onsite towards the end of March. Building, Design & Construction Magazine | The Choice of Industry Professionals
Home construction loans are becoming increasingly popular in the United States as more and more people choose to build their dream homes rather than buy pre-existing ones. However, securing a home construction loan is not as simple as filling out an application and waiting for approval. One of the key factors that lenders consider is your credit score, which can significantly impact the loan approval process and the terms of the loan itself. According to Forbes, the minimum credit score requirement for approved home construction loans in the US is around 680, while some lenders require a score of 720 or higher. Those with lower credit scores may have difficulty getting a loan approved or face higher interest rates. On the other hand, those with a high credit score are more likely to receive favorable loan terms and lower interest rates, saving them money in the long run. This blog will delve into the vital role credit scores play in home construction loans and provide tips for improving your credit score to increase your chances of getting a loan with favorable terms. Whether you’re a first-time home builder or an experienced construction loan borrower, the information in this blog will be valuable for making informed decisions about financing your home construction project. What Is A Home Construction Loan? A home construction loan is a type of loan used to finance the construction of a new home. It is specifically designed to cover the costs associated with the building process, such as: This loan differs from a traditional mortgage in that it is only disbursed in stages as the home’s construction progresses rather than fully paid upfront. Here are the four types of home construction loans: A home construction loan is an important financing option for anyone looking to build a new home. With an understanding of the different types of home construction loans and their features, you can choose the best option for your specific needs and financial situation. The Role Of Credit Score In Home Construction Loans Lenders use credit scores to assess the risk associated with lending money to an individual. A credit score takes into account a person’s past credit behavior, payment history, and the amount of debt they currently have. The higher a person’s credit score, the lower the risk of defaulting on their loan, which is why lenders prefer lending money to individuals with high credit scores. A high credit score can increase the chances of loan approval and result in better loan terms, including lower interest rates. On the other hand, a low credit score may lead to loan denial or result in higher interest rates because a low credit score indicates that the individual is at a higher risk to the lender and, therefore, may be unable to repay the loan. The minimum credit score for approved home construction loans in the US is around 680, while other lenders require a minimum score of 720. Individuals with a credit score above 720 are considered to have a good credit score and are more likely to receive better loan terms and lower interest rates. Those with a score between 680 and 720 may still be able to get approved for a loan, but they may face higher interest rates and stricter loan terms. Understanding the role of credit scores in home construction loans is crucial for securing a loan with favorable terms and interest rates. Improving your credit score is a proactive step you can take toward ensuring the success of your home construction project. If you’re looking for a comprehensive and reliable way to monitor your credit score and report, visit this site. Improving Your Credit Score A good credit score is crucial for securing a home construction loan with favorable terms and interest rates. If you’re planning to apply for a home construction loan, here are some tips on how you can improve your credit score: Timely payment of bills is crucial in maintaining a good credit score. Late payments can significantly harm your credit standing and negatively affect your ability to secure a loan in the future. Ensure to pay all your bills, including credit card and utility bills, before their due dates to maintain a strong credit record. Additionally, automatic bill payments or reminders can help you avoid missed payments and keep your credit score intact. It’s also important to check your credit report regularly to ensure that your payments are accurately recorded. If you miss a payment, catch up as soon as possible to minimize the impact on your credit score. Remember, a good credit history is built over time, so make timely payments a priority in your financial strategy. Maxed-out credit cards can weigh down your credit score. Proactively reducing your credit card debt is crucial in improving your credit health. Make a plan to pay down the balances on your credit cards and focus on using them responsibly going forward. Doing so will boost your credit score and help you avoid high-interest debt and financial stress. Additionally, it’s recommended to avoid opening new credit card accounts unless necessary and always pay your credit card bills on time. Late payments, high balances, and multiple new credit inquiries can all harm your credit score. Try to maintain a low balance on your credit cards, ideally less than 30% of your credit limit, and always make payments on time to keep your credit score in good standing. Monitoring your credit card usage and debt can help you stay on top of your credit health and adjust as needed. It’s essential to regularly monitor your credit report and check for any errors or inaccuracies. It can be done for free once a year from the three major credit bureaus (Experian, Equifax, and TransUnion) by visiting the website https://www.annualcreditreport.com/index.action. You can also obtain a copy of your credit report from credit reporting agencies or credit monitoring services. If you find any errors, it’s important to dispute them with the credit bureau
