As refinances continue to fall, a new market could be opening up for lenders as construction lending and renovation picks up speed.
The housing stock is aging in the U.S., and now nearly 65% of homes are more than 25 years old, according to a new report from Land Gorilla.
Many of these older homes are in need of updates, renovations or repairs, according to the report. This, combined with the recent slew of natural disasters in 2017, which displaced thousands, left conditions ripe for lenders who focus on construction to permanent and renovation loans.
And according to the…