| Construction
Loans |
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Constuction Permanent Loans
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Convenience
- One Time Application Fee/One Time Close
Up to 95% LTV
One Interest Rate For Entire Term of Loan
Flexible Draw Schedules
- We have many draw schedules to choose from. However,
draws are not limited to the draw schedule. Draws
can be made based upon percent of completion. Draws
to builders are completed withit 24-48 hours of request.
Quick and Easy Builder Approval Program
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Rehabilitation Project
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-Need cost estimate breakdown for work being completed.
-No advance of funds to purchase supplies or pay
an advance to a contractor. Disbursement will be
made payable to the owner and the sub/supplier.
- Supplier requiring a deposit to place a special
order item-we will release up to 50% of the cost
estimate. The balance will be paid upon installation.
We will only pay up to 50% of the original cost provided
for that item. The deposit will be made payable to
the owner and the supplier.
- Inspections are required for the release of funds
or if it is just a simple single item (ex- roof carpet)
the owner can provide a picture of the completed
work. The number of inspections that the owner needs
for the project should be discussed and prepaid at
closing. It it is just the installation of a new
wall or septic system the country inspection and
approval of the system is acceptable.
- Major rehab or addition are to be worked up as
a typical constuction permanent loan following all
the same procedures to provide for the appropriate
construction period, inspections, plans, specs and
cost estimates. Disburesments in this situation will
follow the const/permanent process requiring inspections
and the contractors submission of the "Request for
Payment" form. The construction draw package is to
be given to the owner at the close of the loan. |
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Timothy Atkinson
"I Lend Solutions!" sm
440-779-0807 x 114
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