Rehab or Construction Loans

 

Fix up your old one or build a brand new home.  We’ve made the process easier for the homeowner and the builder.

 

 

Here are a few highlights:

· CONVENIENCE

One-Time Application / One-Time Close. Lower Closing Costs.  Use future value

 

· GUARANTEED SALE

Builder’s line of credit is freed up.  Loan is closed prior to construction so builder will not end up with a spec house.

 

· DRAW SCHEDULES: 5 CHOICES

Many institutions insist on one specific draw schedule; no substitutions. We have one form containing 5 different draw schedules or customize your own! Have the builder pick one. 

 

· SIMPLE DRAW PROCEDURES

No lien waivers, affidavits, or invoices required for payout of draws.

 

· NO BUILDER APPROVAL

The only information required from the builder is a copy of their license. We do NOT require financial information, tax returns, or credit reports.

 

· LOW VARIABLE INTEREST RATE DURING CONSTRUCTION PERIOD

The borrower pays interest only during the construction period. Can be folded into the loan balance.  The rate is tied to the prime rate.

 

Guidelines Subject to Change.