When I first met Travis, he had a fantastic idea to build a detached shop with an apartment on top that he could rent out for extra income. Travis had always wanted a shop for himself, but by adding an ADU above, he could not only fulfill that dream but also create a source of residual income. This was a win-win situation. With living costs steadily rising, this was the perfect plan, offering both an increase in his property’s value and a way to ease some of his financial stress.
The estimated cost of building was more than Travis had saved up. He didn’t want to take out a high-interest loan. That is where the Renovation loan came in. This product is designed specifically to help homeowners, like Travis, enhance their property and create additional income. The loan will be based on future value after the renovations are complete. Travis could borrow exactly what he needed without having to drain his savings or over extend himself financially.
We carefully worked through the project budget and timeline to ensure everything was in place. Once the loan was approved, the funds were released in stages as the shop was built, allowing the project to move forward smoothly without overwhelming Travis with upfront costs. This step by step process kept things manageable and ensured that the project stayed on track.
In just a few months, the detached shop will be completed, ready for Travis to rent out and start generating income, while also increasing his property’s overall value.
Helping Travis bring his vision to life has been incredibly rewarding. If you are considering building an ADU or tackling another major home project, a renovation loan might be the solution. Let’s sit down and chat, and we can figure out how to make your dreams come to life, while keeping your finances smart and secure, and your money work for you.
