Are you interested in the energy efficiency, low maintenance, and affordability of a barndominium?
Interested in erecting another steel building on your property, such as a gable, a Dutch or American barn, an equipment shelter, or even a commercial steel structure like a storefront or a manufacturing facility?
Whether you want to build a customizable garage or a luxurious barndominium that you can call home, we know that you want to get the highest quality steel possible — and unparalleled service to match.
However, there’s just one thing you’re worried about: financing.
How much will your steel building or barndominium cost, and how can you afford to make your dream come true without jeopardizing your financial future?
Keep on reading this post to find out.
Start with an Estimate
No matter what kind of steel building you’re interested in, the first thing you need to do is understand the cost of what you’re looking for.
Use our free cost calculator to help get a project estimate cost online.
First, choose between a cold formed (residential and small) or rigid frame red-iron (commercial and larger) product.
Then, specify your ideal square footage and select the number of garage doors, entry doors, and windows.
We will then be able to generate an approximate project cost — and you’ll have a better understanding of the kind of building financing options you need to explore.
Read on to learn more about what steps you can take if that estimate was a bit higher than you’re currently able to afford.
Building Financing with New Century Bank
Recent studies show that American homebuyers cannot afford to either build or buy a home on their own in a shocking 70% of the country.
We know that you want to make your dream home — or additional steel building — a reality, but if you’re like most people, coming up with the money to make it happen is a serious concern.
That’s why we at Apex have entered into a financing partnership with New Century Bank.
New Century Bank is an especially great fit for our client base because they specialize in construction lending and residential mortgages with a particular focus on steel frame, post frame, and beam financing options.
All you need to do is contact New Century Bank through our website by clicking here to be redirected to their construction lending page.
Then, you can simply fill out the application on their website and wait for credit approval from a mortgage specialist.
Your application should include your personal information and any personal data about a co-borrower. You’ll also need to provide information about the property itself, like whether or not you owned the land and when you acquired it. You’ll also need to give your employment information, and, if self-employed, the last two years of your tax documents.
You will also need to answer questions about your assets and your debts, along with more information about your general financial history.
You’ll also need to provide a few supporting documents that give the lender a better understanding of your overall financial situation. Often, you’ll be able to get that approval — and a free home loan offer — within 24 hours of your application submission.
Now, let’s take a deeper look at the kind of financing options that New Century Bank can offer you.
Financing Your Barndominium of Steel Building with New Century Bank
Whether you want to apply for a construction loan/mortgage for a residential, agricultural, or even commercial barndominium or steel building, New Century Bank is ready to work with you.
Their goal is to provide you with financing options that are similar to those you’d receive if you decided to build a more traditional home.
New Century Bank has lots of experience in helping to finance barndominiums/barn homes, shop homes, and more.
This means that even if you use a contractor that specializes in steel buildings (like our team at Apex) you’ll still be able to secure a standard residential fixed rate mortgage. You’ll still need to discuss the specifics of your project with the lender, in order to ensure you get the best loan/lending option.
You’ll need to provide the lender with a copy of your floor plan, as well as with a copy of your building elevation.
You can enjoy a competitive construction loan from New Century Bank, as they offer an incredibly low 10% down payment. They also allow a lot/land size of up to 160 acres — and the equity counts just the same way that cash does.
Second home mortgage options are also available for those interested in building residential garages. New Century Bank also offers short term loans that allow you to buy the land you need and build your steel structure on it. You can then include all of the construction expenses in your mortgage with them.
Ready to Apply For Your Barndominium or Steel Building Financing?
We hope that this post has helped you to understand that securing the financing you need for your barndominium or any other steel building isn’t as difficult as it might seem.
Apex’s strong partnership with New Century Bank makes the application process straightforward, fast, and fair.
Are you ready to start dreaming up plans for the structure you’ve always wanted? Curious to learn more about what makes our team at Apex Metal Building Systems the right choice for you?
We invite you to reach out to us to talk about financing, steel structures, timelines, materials, and much more.
We can’t wait to work with you.