In the context of construction, a mortgage is a type of loan that is used to finance the purchase of real estate or property for the purpose of building or renovating a structure. This type of mortgage is commonly referred to as a construction mortgage or a construction loan. The borrower of a construction mortgage typically uses the funds to pay for the costs associated with the construction project, such as materials, labor, permits, and other expenses.Construction mortgages are typically short-term loans that are designed to be paid off once the construction project is completed and the property is ready to be occupied or sold. These types of mortgages may have higher interest rates than traditional mortgages, due to the increased risk involved in financing a construction project. Lenders may also require more stringent approval
What is Mortgage?
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Top 3 reasons construction finance teams use the Vergo platform
automate manual processes
Eliminate the hassle of manual data entry and repetitive tasks with our automation tools. Our platform ensures a smooth transition with free setup and ongoing support, making it easy for your team to get started.
streamline communication with the field
"Improve coordination and information flow between your office and field teams with our desktop and mobile app. Our platform enables real-time updates and seamless communication, keeping everyone on the same page.
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unlock better reporting & analytics
Transform your data into actionable insights with our powerful reporting and analytics tools. Our platform provides instant access to critical information and dedicated support to help you make informed decisions faster.
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"Our finance team absolutely love the platform."
"The platform has boosted our workflow efficiency and team collaboration. It's intuitive and user-friendly, allowing us to quickly adapt and enhance productivity."
"We saved hours eliminating manual data entry."
"Automating our data entry processes has saved us hours. The software captures and organizes our financial data accurately, reducing errors and freeing up time."
"We have so much more clarity into our project data."
"The platform gives us real-time insights into project data with advanced analytics and reports, helping us make better decisions."
