Owner Occupied Construction Loan #1


Single-Close Construction Loan

6.125% on 30 Year Fixed @ 1 point

6.472% APR (annual percentage rate)

NEW: Lending off the “as completed” appraised value one day after owning the vacant lot or house.

This single close construction loan program is also the permanent financing.  It is a 30 Year Fixed loan.  The construction period is at least 12 months, during which time the loan is interest only on the amount drawn, at the above interest rate.   This loan has no prepayment penalty.  If construction is 12 months, when the house is done, this loan would be fixed 29 more years and 29 year amortization would begin at that point.  You do not have to re-qualify, re-document the loan, or get the house re-appraised.  18 months construction at the same rate.  Add .125% to rate for 24 months construction on bigger projects.

The maximum loan amount is based on the appraised value of the property.  The appraisal will be done from the plans, and a value will be determined that represents what this house would be worth in today’s market if already completed as planned.

On this program, we do:

80% to a loan amount of $2,000,000

75% to $3,000,000

70% to $3,500,000

65% to $4,000,000

Ground up construction or rehab/remodel both available.  No owner builder or construction supervisor options.  A licensed general contractor must being doing the work.

Full income and asset documentation required.  No stated income available.  Qualify at the start rate on this 30 year fixed loan.

No spec.  No rental properties.

Minimum loan amount $350,000.

Note: APR (Annual Percentage Rate) based on loan amount of $500,000, middle credit scores of 700+, and 12 draws.

Fees, points, and program parameters subject to change without notice.