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Consruction loan credit credit checks

Discussion in 'Property Finance' started by Moist, 14th Nov, 2015.

  1. Moist

    Moist Well-Known Member

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    Hello,

    Does anyone know if lenders check your credit file each time you make a progressive drawdown on a an already approved construction loan? or just at the beginning before you start building?
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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  3. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    At application - the progress payments are handled by the construction teams who just verify works completed and then distribute funds as necessary. Would be very nasty otherwise!
     
  4. Moist

    Moist Well-Known Member

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    So just to confirm, each drawdown would not leave a separate enquiry either? CHeers
     
  5. D.T.

    D.T. Adelaide Property Manager Business Member

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  6. Moist

    Moist Well-Known Member

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    Do lenders know if you proceed with an inquiry? or just that you made an inquiry?
     
  7. tobe

    tobe Well-Known Member Premium Member

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    Historically just made an inquiry, however some lenders are slowly starting to report more information.
     
  8. Moist

    Moist Well-Known Member

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    Which lenders might be reporting more information?