LOAN OPTIONS

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 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: