Single Close Construction to Permanent Loan

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Single Close Construction to Permanent Loan provides both the interim construction financing and permanent loan financing.
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Eliminates multiple loans
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Allows up to a 12 month construction term
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Purchase the land and build a new home
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Limited Cash-Out – if the borrower owns the lot at time of application

Benefits of Single Close Construction Loan

12 month construction term

Borrower pays interest only during construction

Extended rate lock available for permanent loan

One closing

CPLoan Basics Financing:

Minimum Loan Amount: $150,000

Maximum Loan Amount: Agency conventional loan limits and High Balance where applicable

Permanent Mortgage Options: 15, 20, 25 and 30 year

LTV’s up to 95%

Construction Interest Rate—prime plus 1% (will be reflected on rate sheet as Construction Phase Rate)Flexible draw schedule—(5 draws)

Any questions? Call me