Our construction loan is a “one-time close”, meaning after the construction completes, you do not have to re-qualify for the permanent loan. Further, after the construction completes, the property does not have to be re-appraised. This provides the piece of mind knowing that when you start construction, financing is guaranteed for the life of the loan.
Six, nine and twelve month construction terms are available, with interest-only payments during construction. Tear-down & major renovation construction loans are eligible for 12 month construction period only.
Down payment can be as low as 10%. Second homes (aka Vacation homes) are permitted, and loan terms of 15 years and 30 years are available.