Designing and building your dream log cabin home can be an exciting experience. Don’t let concerns over financing the construction derail you. There are options available if you don’t have cash upfront to cover building costs.
Many lenders offer construction loans to cover expenses during the log cabin building process. These loans are usually available for single unit, detached properties that are primary residences or second homes. The terms can be fixed rate or adjustable. A schedule of draws is agreed on by the home owner, builder and lender. Loan disbursements are made as work is completed on the log cabin. During construction, the home owner makes interest only payments calculated based on the outstanding loan balance.