Tip From Allen Tate Mortgage on Renovation Loans-Phyllis Wolborksy & The Wolborsky Group-Raleigh, NC & The Surrounding Triangle Area
Hello Real Estate and Home Improvement Professionals:
Today’s topic is the “detailed” scope of work.
The phrase “scope of work” is used to describe the work to be performed by the licensed general contractor and included in the renovation loan. Because we are lending to a specific set of “allowable” renovations and a projection of an after-improved value, we need A LOT of detail in the scope of work.
For example, here is an insufficient line item from a recent contractor estimate: “Laminated hardwood on 1st & carpet on 2nd--$3200.”
Here is what the contractor included in the final estimate: “Laminated hardwood on 1st & carpet on 2nd--$3200. Laminate: Dream Home- Nirvana 8mm Chilton Woods Oak Laminate approx.. 700sf. Carpet: 181-098 – Pavilion – over 40 sq. yds. (special order) (12’0 x 72’0), Color: Desert Stone. Pad: step ahead Nike 8# 7/16 inch pad.”
Having your licensed general contractor provide us detail the first time around will save time and increase your chances of closing on time. Thank you for your interest in Allen Tate Mortgage and renovation lending. Please let me know if there is any assistance I can provide to you.
Don O'Dell (NMLS #83055)
Renovation Loan Specialist
Phone (704) 526-9264
Fax (980) 233-3968
Allen Tate Mortgage Services (NMLS #79543)
View some of Phyllis Wolborsky and The Wolborsky Groups Listings and let us know if we might schedule a showing.
If you are in the market to buy or sale real estate please visit my website at www.PhyllisDidItAgain.com or www.AllenTate.com/PhyllisWolborsky to view all of my featured listing and the listings offered by our MLS service. Call Phyllis Wolborsky at 919-876-2372, Visit Brian Wolborsky at www.Raleighhomeguide.com, or call 919-427-9508, call Mitchell Wolborsky at 919-270-1049, Kevin Wolborsky at 919-608-2000. Also Randy Scherr at 919-272-0191.
Have a great day and it would be our pleasure to assist you.
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