Did you know that you can actually use the incredible team at HFS Financial to offer ADU financing for an Accessory Dwelling Unit? It’s true. You can. But there are a few things you’ll want to know before you offer the process to your clients.
For one thing, an Accessory Dwelling Unit is an additional building or add-on build that provides extra space. Your customers can use them in a variety of ways, including as guest space, rental space, or just extra space for their family. So, let’s take a look at a few of the vital things to know about offering ADU financing.
1. How Much Does an ADU Cost to Build?
One of the most important questions to consider when you’re looking to offer ADU financing for your customers is how much the project will actually cost. Since you’re the building expert, you likely know that financing an ADU can cost $50,000 and up currently in 2023.
But it’s good to be able to give your clients a ballpark estimate. That way, they’ll have a realistic expectation of what they’ll be looking at.
2. The ADU Must Be Built on the Owner’s Existing Property
Another important thing to know about offering ADU financing is that the unit has to be built on the homeowner’s existing property where they currently reside. Unfortunately, neither you nor HFS can offer financing for ADUs for another property.
It’s important that both you and your clients know this vital piece of information so that you’re not well into a project that you can’t actually get the funding for.
3. You Might Be More Familiar with an ADU Than You Think
The term Accessory Dwelling Unit is a kind of umbrella term that actually covers a large variety of different builds that you might be fairly familiar with. You’ve probably even built some.
Garage apartments, granny flats, pool houses, and guest houses all qualify as ADUs. Less obvious projects can also be considered ADUs. You can build home gyms, art studios, office space, and man caves, too. Almost any additional built space on a homeowner’s existing property could be considered an ADU, and that means that you can likely offer financing on it.
4. ADU Financing Has Excellent Benefits
You know, since you’ve been working with HFS Financial, that there are some pretty great benefits to the personal loan options that HFS offers. These same benefits apply to ADU loans, and it’s a great idea to let your customers know about them.
ADU financing requires no equity or appraisal, offers industry-leading loan terms and up to 120% financing for your clients, which affords them a little wiggle room for their projects.
And the good news for you to remember is that when you offer ADU financing through HFS Financial, there’s no stage funding and the customer gets full funding upfront. There’s no waiting around for the funding you need to make the build happen.
ADU Financing with HFS Financial
HFS Financial is the best way to get your clients the funding they need so you can do the job you do best. All you need to do is apply for your financing partnership and then remember to let your clients know. Mention that you offer ADU financing to all of your clients and seal the deal more and more often and edge out the competition in your area.
Once you know they need financing, just send them to your website, where they can click the HFS Financial widget. They’ll be instantly connected to our team, and they can get all the financing options they need. With HFS Financial, “You Dream It, We Finance It.”