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Lenders cautious in financing remodeling

Caution among lenders was seen as the biggest barrier to homeowners finding financing for remodeling projects, according to the results of a survey by the National Association of the Remodeling Industry.

Thirty-eight percent said financers were being “overly cautious,” according to the survey. Another 27 percent said the projects were too expensive relative to the home’s value for homeowners to secure financing, and 11 percent said the homeowners had a poor credit history.

None of NARI’s member contractors said finding financing was “very difficult” and about 30 percent said it was either easy or very easy to secure funds.

The third-quarter “Remodeling Business Pulse” report also said that current and future remodeling conditions indicated strong growth in the quarter.

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