Construction
We are home construction lending experts! We can answer your questions and your builder's questions so your project keeps moving smoothly all the way from groundbreaking to house warming. Our Construction-to-Permanent Loan is a one-time close loan. This means ONLY one application, and you’ll get all the financing you need in one easy process.
What is a Construction-to-Permanent (CTP) Loan?
Often, getting approved for a construction loan at most banks can be tricky. In many cases, two loans are required--one for construction and one for permanent financing. Usually you will have to pay closing costs on both loans, not to mention the extra paperwork, time and hassle involved. But at Prineville Mortgage Group, we offer a single-close Construction-to-Permanent Loan that combines both construction and permanent financing into one loan.
A Construction-to-Permanent Loan allows for a construction period of 6 to 12 months, but sometimes longer terms are also available. And when your project is complete, the loan simply converts to a permanent mortgage – no extra costs!
You only need to qualify one time
Only having to chase down documentation once compared to the typical process where you are qualified; the builder builds the home, then the lender requests documentation all over again to make sure you still qualify.
With the CTP loan, having qualified at the beginning of construction, if you happen to shop for new furniture, buy a new car, change jobs, etc...that’s ok because you are already approved and do not need to be approved all over again 6 months to a year later.
Disbursements to the Contractor
The builder will be paid as quickly as he can build the house. There are generally 4-6 disbursements made during the course of construction, although more disbursements can be set up on larger projects, fewer on smaller ones. As each level of construction is completed, an inspector will come out and verify the work. Within 3-5 days of his verification, the funds are over-nighted or wired to the builder’s account.
Owner/Builder
Weather you choose to hire a Builder or act as you own Contractor we have the perfect Solution for your lending needs
