CONSTRUCTION & RENOVATION LOANS
Whether you are starting with a vacant plot of land, or upgrading an existing home to match your vision, custom construction and renovation require tailored financial strategies. We provide specialized loan structures that support you from initial architectural blueprints through final inspection.
CONSTRUCTION LOANS
New Construction Loans
Construction loans are not the only thing we do, but we can say we specialize in them. This loan is most popular amongst our referral partners and customers because not all banks, credit unions, and mortgage companies have construction money available to lend, or the terms they have are not flexible enough to serve a large number of customers in a way that suits their goals.
Some essential points to know:
- Your loan term will typically be 9 – 12 months, but options longer than 12 months are available if you have a jumbo property or loan amount.
- Average 7–8 Draws Per Build (average 1 per month)
- Draw Service Level Agreement (SLA) is within one week after request is received.
- During the building phase, you will only pay interest on your construction loan.
- Interest is paid typically only on what amount of money you have borrowed, or what is disbursed. Therefore, your monthly payment will change over the term of the loan as you borrow more money to complete your project.
- We offer two-time close construction loans. What this means for you:
- Flexible Rates: You will not be locked in to the rate you started your project at.
- Home Valuation: With a two-time close construction loan, you can close your permanent mortgage once home construction is finished. This means that you have the ability to refinance based on your home’s updated appraisal value.
- Customization: If you have a complex project, two-time closes are much more flexible, allowing you to adapt your loan to your project’s changing needs.
Check out our construction loan timeline below for an overview of the construction loan process:
CONSTRUCTION LOANS
JUMBO CONSTRUCTION LOANS
Constructing an exceptional custom home requires specialized financial backing, beyond standard loan limits. Our jumbo construction financing provides high-capacity capital, flexible underwriting, and tailored draw schedules designed specifically for complex architectural designs and premium estate builds.
- Higher Borrowing Limits: Capital allocations well above standard non-conforming loan thresholds, financing multi-million-dollar land acquisitions and custom builds.
- Interest-Only Construction Phase: Pay interest only on the funds drawn at each stage of construction, keeping carrying costs efficient while building.
CONSTRUCTION LOANS
RENOVATION LOANS
If you’ve found a property in a prime location that needs significant improvements, or if your current home needs an overhaul, a renovation loan combines the property value and renovation costs into a single manageable loan.
A renovation loan includes funding for acquisition or refinancing of an existing mortgage to perform significant renovation, remodeling, and repairs of an existing dwelling. This can include complete tear downs, to add-ons, to ADU’s. These loans closely follow new construction loan parameters.
- Single-Mortgage Simplicity: Finance both the purchase/refinance price and the renovation budget under one loan with one monthly payment.
- What It Covers: Kitchen and bath remodels, structural repairs, room additions, interior/exterior cosmetic updates, energy-efficiency upgrades, and major mechanical systems.
