Why Are Roof Inspections Necessary?

Roof inspections are necessary for both residential and commercial properties. There are many reasons why, from mandatory lending procedure and long term investment protection, to sustainable functionality, personal comfort, and much more. Continue reading to learn more about the importance of roof inspection, why they are necessary, and who to trust for proper service.

Buying a Home or Building

Some states have strict lending guidelines for anyone buying a home or building. These requisites are generally stiffer in regions that experience higher levels of precipitation, especially hail and snow. Many lenders in these areas often make roof inspection a mandatory part of the lending process, and the roof of the property must pass certification in order for the bank to provide the money for procurement. Even dryer regions may require roof certification before lending money to buy a home. The same requirement is also a common procedure for insurance companies. A roof must be inspected and intact for some insurance carriers to take on a client.

Roof Longevity

The lifespan of a roof depends on several factors, particularly the material, how it was installed, ventilation, the level of care it was provided, and environmental surroundings. A good roof should last at least 20 years, but some materials can last up to 40 or 50 years. Properties built in regions that experience heavy snowfall, especially those who get year-round snow, usually have to have their roofs replaced every 5 to 10 years, even with proper care. Having a proper roof is vital to your safety, security, and investment. Since they are expensive investments, it is important to do everything in your power to ensure your roof remains in optimal condition. A roof inspection is the only method of being sure.

Roof Inspections

The purpose of a roof inspection is to assess and determine the structural integrity of the roof. This service is also meant to catch any small problems early on, before they can become large, costly repairs. An inspection will be able to tell a property owner the current condition of their roof, any problems it may have, and how long before it will need to be replaced. A licensed roof inspection company has several methods for determining this type of information accurately.

It is not always necessary to climb a roof and pull out shingles. Instead, most roofing contractors have sophisticated procedures, technologies, and equipment that allows them to facilitate accurate assessments. This includes infrared technology, which allows contractors to make their assessments without ever having to make physical contact with the roof. These infrared assessments show the differentiating temperature levels of a roof, in which high temperatures are common indications of air and heat escape.

3 Common Mistakes Made While Seeking Bridge Finances and How to Avoid Them

Many borrowers simply do not understand how the bridge financing works as it was somewhat of a foreign concept until recently. So, while applying for bridge loans, many borrowers make mistakes that could affect the final outcome of their loan application.

Bridge loan lenders are not miscreant finance sharks who are looking to take advantage of the desperate people (borrowers). The rate of interest for a short term bridge is higher than what is provided by any conventional lender. But, these finances provide money to the businesses and individuals that don’t fit within the conventional lending box such as banks and other establishments.

But for these financing solutions, there aren’t many real estate projects with opportunities for developing and reaching their true potential. A short term bridge loan can be just the type of funding the investors require to keep their commercial investment plan running smoothly and efficiently. In this post, we will discuss about some of the common mistakes borrowers make while applying for a bridge loan and how such mistakes can be avoided.

Mistake #1: Focusing on the interest rate

Based on their experience and knowledge of this domain, commercial loan brokers can help borrowers get the lowest interest rate on bridge loans. Apart from the low rate of interest, it is important to know that borrowers should also take into consideration the time and loan fees. Common sources of bridge finance are private companies or individuals who are interested in getting better returns on their investment. A borrower could miss out on good lending options by focusing too much on the rate of interest of the bridge loan, depending on the length of time they hold the loan for.

Mistake #2: Applying for a loan without having an exit strategy

A borrower should avoid entering into a short term bridge loan without having the proper exit strategy. They should consider how many loans they are able to realistically afford and how much time they have to pay back the finances. A steep default interest rate increase is usually triggered when a borrower falls behind on their loan repayments or defaults on their finance. This sudden increase in the interest rate can be substantial and can make loan payments difficult to maintain. One of the best exit strategies for a bridge loan borrower is to borrow money when it is extremely necessary and they have a plan to pay off the loan before the end of the term.

Mistake #3: Not providing the bridge lender with a story

Traditional lenders are straight forward in their finance process. A credit report, loan application, recent bank statements and two years profit and loss statements are usually all that is required by a borrower for the purpose of pre-approval or denial of their loan. When applying for a bridge loan, story by the borrower can influence the decision of the lender to provide the bridge loan as soon as possible. With the right kind of story, a bridge lender might consider providing the borrower with quick finance in order to deal with low credit scores, tax liens, a development project and pending foreclosures. Borrowers usually spend inadequate time to explain the story behind their request for finance.