Prime Based Construction Loans Now Offered at The Incredibly Low Rate of
Prime Minus One
Prime based
construction loans are also processed as single close
loans. However the rate during construction is calculated based on
prime minus one which fluctuates monthly. Once construction is
over you will choose one of the permanent loans that is offered at
the prevailing rate.
The permanent loan is
offered at a very competitive rate as we are acutely aware of the
fact that you may choose not to take our offer and simply move on.
None of our loans carry prepayment penalties and as you normally
start taking care of the roll over business around 6 weeks or so
before the completion of the project, you can exercise plenty of
choice.
The most important thing
to remember about this product, is the fact that an interest
reserve account is not offered. This means, that you will have to
make monthly payments on the construction loan during the
construction period.
Interest
is of course calculated on the amount that you have actually used
up at any time; however you must qualify for this loan on the
basis of a temporary debt ratio.
Minimum
credit score is based on a mid score of 660. Both documented and
stated income programs are available. Maximum loan amount for
documented income construction loans is two million dollars at
LTV’s of 80% to 65%. Maximum loan amount for stated income loans
is $750,000.
Please
drop us a line
or complete the
Secure Online Application. We
just love to talk about these Prime Based Construction Loans, and
if you tell us what's on your mind we guarantee a prompt and
helpful reply.
Prefer to call us on
the phone? Go right ahead dial 1-800-246-2468.
*APR is not
calculated, as it varies with loan amount. With a little more
information we will provide you with all the closing expenses
associated with this loan.
Questions?
Call us Toll Free
or Send an Email,
with any questions or concerns that you may have. Visit Our
State Specific Contact Page,
where you can find our phone numbers to call us, contact us by email
or complete our short, secure application form.
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