APPROVAL & CONSTRUCTION TIME
Once you have completed your consultation, the next step is to get you pre-approved with one or more of our lenders. Pre-approval can take from 2 days to 1 week. You will receive the pre-approval letters from our lenders letting you know that you are pre-approved for the construction loan of the investment property along with all conditions.
After pre-approval, we group investors together based on how many properties they are approved for and what development projects are available. As few as 10 investors approved for four properties each could be combined to build a 40-building/240-unit community; or as few as two investors approved for five properties each could be combined to build a 10-unit or 60-unit small community of apartment complexes. The size of the community and the land acquired to build it on can determine how long it will take in order to "break ground" and begin the construction process.
In general, once construction has started, it usually takes 2 to 4 months or more in order to complete the project and have the apartment units ready for move-in. These are general times, and unforeseen circumstances can change these time frames to make them longer for things such as natural disasters, material shortages, etc. You will always be able to track the progress of your investment properties via the investor online portal from anywhere in the world.
You should expect that after your consultation, going from pre-approval to final closing and construction of your investment properties can take anywhere from a couple of weeks to as long as several months, depending on availability, among other factors. We make no guarantees as to how fast you can get approved, closed, your investment units started, or finished. Market conditions change all the time, and as an investor, you should be aware of this and be prepared to be in the investment process for however long it takes to come to fruition.
