Acquisition/Construction Loan Questions

[Michael W.]

Hello!

When getting an acqu/construction loan, how can you really know your costs/budget until you have construction docs from the architect and send them out to contractors to bid. That takes months. Do you just give your best estimate to the lender and go from there? One obviously wouldn't want to do all of that until they had the property under contract or bought. 

Thanks for your help!

M