Prime Lending

Richard Day
Production Manager - Renovation Lending

1801 Libbie Ave. #100
Richmond, VA 23226
(804) 855-4421

Renovation and Construction Loans Can Make Your Current Home Like New Again. 

PrimeLending renovation loans can help you turn the home you love into the home of your dreams. If you’re living in an older home that is now too small, needs repairs, renovation or upgrades, PrimeLending renovation loans are a type of mortgage that let you roll the costs of the work you do into  one new loan, based on the future value of the home. This helps make it easier to afford the repairs or upgrades without getting a separate loan, likely at a higher interest rate. You’ll still have just one simple mortgage payment. And in most cases, if you’re refinancing, you could end up with a lower interest rate, a shorter term, or possibly even lower monthly payments. 

Types of Renovation Home Loans and What You Can Do.

PrimeLending Renovation and Construction loans will let you do almost anything with your home. Whether your project is smaller in scope like ordinary repairs and cosmetic changes or you desire a larger project like doing a gut job to a house or a large addition, we probably have a loan product that will meet your needs.  These loans are very versatile with no minimum loan requirements for the repairs or upgrades you want to make, and you can borrow as much as you need as long as you qualify and the future “subject to” appraisal comes in high enough to cover the loan amount you need.

Eligible repairs that can be financed include: 

Replacing or upgrading your plumbing, electrical, heating or cooling systems

·         Insulating your home for greater energy-efficiency
·         Repairing or replacing your roof and gutters
·         Refinishing or waterproofing a basement
·         Installing new windows, doors or floors
·         Redesigning your kitchen or bath
·         Landscaping or adding a deck
·         Buying new appliances
·         New construction, like room additions or adding a second floor
·         Major remodeling that requires structural changes
·         Foundation or other structural repairs
·         Reworking floor plan to meet household needs
·         Moving a house
·         Complete gut jobs
·         Finishing an attic or basement
·         And much more
·         We even offer special loans for making weather- and storm-related repairs, or adding a swimming pool. Take a look at all your PrimeLending renovation and remodeling loan options here.