When you need a Loan for Construction on your Home.
Construction Loans: Residential New Builds
Hard Hat Lending
If you need a loan for a new home to be built, for
remodeling, or for a
rehab project, you are at the right place.
We will provide you with superior construction funding options and solid advice
on what best fits your personal goals.
Why Lending Correctly? Because our focus on Construction Loans is unlike
what you will find at
other banks and mortgage lenders. We offer you one-on-one
guidance from bankers with years of experience in mortgage lending and
significant participation in actual home construction.
Our Construction Loans are easy to use and are based on the completed
value of your project Progress payments are made to your builder within 72
hours of approval to keep your project moving smoothly. Your project will
be inspected
by an independent project manager to confirm the progress and payments.
Contact us now and get a solid
loan proposal:
Finally, a lender that actually understands
construction:
One Time Close,
Construct-to-Perm,
or Conventional
Construction Loans.
Faster Turnarounds.
Faster Payments.
No one
is better
qualified
to help you
with your
construction
loan than
Lending Correctly.
"I can't believe that we are building our
dream house! Thank you so much for listening to
Janice and me when we wanted to build a house from
scratch and could not find the right lot.
When we found out that you and Gateway Funding could
provide the money to tear down our current house and
build our new house in the neighborhood where I grew up,
it was lifesaving. And Janice and I did not have
to make any payments until we moved in!"
Types of Construction Loans that we fund:
We fund many types of construction loans. Our focus and
specially is loans to consumers wishing to build or improve their own house.
We do not provide funds
to builders or investors interested in 'flipping' houses for profit.
A list of our major programs is below. We can handle many
projects that are
outside the box, but we are still talking standard houses, where appraisable
'comps' can help us determine completed value, not 'tree houses', 'missile
silos'
or 'geodesic domes'.
Give us a call and let us find a way to help you; a big advantage of our experience
is our ability to give you more knowledge,
tools, and options available than our competitors. If your area supports the
completed value - we can likely find a way
to provide you the
funding.
Many of our loans are available as one time close (OTC), which saves you the
cost of closing twice. With an OTC, once the construction is done, the loan
automatically converts into a conventional loan product.
New Build loans are complete houses built from scratch.
Also referred to as 'stick-builds'.
New Build loans are generally only for actual construction,
though the land lot purchase may also be included in some cases. Separate
Land Lot loans are an entirely different creature.
But whether you own
the land or we help you purchase it, the final finished value is used to
determine the maximum loan amount and the minimum down payment required.
We will help you each step of the way, providing you as much or as little
guidance as you require.
Since building a complete house can cost a lot of money, New
Build loans are generally larger than remodeling loans. The financial
situation of most customers building a new home is such that they will need to
convert the construction loan into a new mortgage loan upon completion.
One way to make this process easier is to use a Construction-to-Permanent loan,
also known as a One Time Close or OTC.
Our mortgage bankers have construction management
experience to assist you in make this process smooth and enjoyable.
We refer to remodeling loans as any loan for changes to a home
that is currently occupied or capable of occupation. Larger remodeling
jobs are sometimes called renovation projects.
Our most popular product - as you keep your existing home in an
area you love. Add a room, change a space, redo your flooring. Your house can evolve and change with your lifestyle and your
personal needs. Since we use the completed value of your home, your out of pocket
expenses can be minimal.
Rehab loans, short for rehabilitation, are loans for converting
an uninhabited space into a habitable home.
If you can see through the cracked plaster, squeaky floors and an
leaky roof, so will we. Rehab for fun or profit - homes that require a Restoration Plus
loan can usually be purchased at a great price.
Since we work from the
completed value of the property to determine loan amounts, you can not only
restore a property to its former glory, but also bring it to modern standards.
You can even add an addition if you like, as we can make these loans very unique
to the situation.
Your loan
is underwritten as if the project is completed.
If the end loan is approved, the construction portion is also approved.
Step Two: Approve the Builder you choose
A three
page basic application.
Step Three: Approve the Project
Drawings are sent to appraiser for value estimate upon
completion.
Builder provides cost to complete.
Great Benefits:
*
Fast Phased Payments to your
builder/contractor
*
Super-fast Turnarounds on approvals & revisions
*
Stated Income Available on many
loan products
*
Free Float-down on most
rate locks
*
One Time
Closes construction-to-perm loans
*
Honest Expert
Advice is our promise.
Insider Knowledge:
Our construction lending manager,
Richard Hirsch, has over 7 years in the mortgage industry as both a loan
officer and branch manger of a regional office.
Prior to entering the mortgage industry, Rich was a construction manager
for 4 years.
Not only does Rich have a degree in economics, he also has
continuing studies in construction management. This powerful combination
of experience in banking and construction enables Rich to communicate at a
high level with you, the builder, the architect and the inspectors.
Rich Hirsch Click the Bubble to Chat!
If the little talk bubble says online, you can click it
to chat directly with Rich - just select Construction Loans.
Otherwise you can email him directly if he is not available.
We likely have exactly what you need for your new-build, remodeling effort
or refurbishing project.
But don't be afraid to ask questions.
Ask us about anything; Does Construction-to-permanent make sense for
me? Can you give me advice on our construction plan or design?
Will you help me select a
builder/contractor in my area. Can you give me your guidance on what
I should do in this particular situation. Does remodeling and adding
a room to this house make financial sense?
Equal Housing Lender. Copyright 2006,
2007 by Lending Correctly. All rights reserved. Site by JOZ. 