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CONSTRUCTION LOAN

Obtaining a the best construction loan does not have to be a frustrating experience. Let Ocean Pacific Capital help simplify the process. With over 28 years of experience in home construction loans, Ocean Pacific Capital can help you acquire construction financing in a fast and efficient manner.

There are many lenders who will finance the entire cost of materials, labor and property. One-time-close loans and construction-to-permanent loans have made home construction loans simpler than ever. Many buyers will likely get a construction to permanent loan. These loans are commonly referred to as a construction loan and it consists of two parts.

While the house is under construction, an "interim loan" is in place. After the construction period, the loan is converted to a "permanent loan," where a certificate of occupancy is issued). A construction loan can be taken out to build an additional room on your house. Any equity in your home can be used to help you get a lower rate on your construction loan.

In an article entitled, "How construction loans work," by Bankrate, "Construction loans are story loans. That means that the lender has to know the story behind the planned construction before they're willing to loan you money. Because it's a story loan, it's not going to be standardized like mortgage loans underwritten to Freddie Mac or Fannie Mae guidelines. That said, there are some common features to a construction loan. Home Construction loans typically require interest-only payments during construction and become due upon completion. Completion for homeowners means that the house has its certificate of occupancy. Construction loans are usually variable-rate loans priced at a spread to the prime rate or some other short-term interest rate. You, the contractor and the lender establish a draw schedule based on stages of construction, and interest is charged on the amount of money disbursed to date. Another variable in construction loans is how much of the project cost the lender is willing to lend. If you already own the land, then that can be considered as equity on the construction loan. Many homeowners use construction-to-permanent financing programs where the construction loan is converted to a mortgage loan after the certificate of occupancy is issued. The advantage is that you only have to have one application and one closing. Depending on your view on interest rate trends, you could also purchase a rate-lock agreement valid through the expected completion of the construction. Just make sure you allow for the inevitable construction delays. A construction loan, unlike a mortgage, isn't meant to be around for a long time. If you're taking out a $200,000 construction loan for six months and you pay an extra 0.5 percent on the loan, it costs you an additional $250. (Assumes an average $100,000 loan balance over a six-month construction period.) You may be willing to pay a higher rate on the construction loan if you're doing construction-to-permanent financing and can get better mortgage terms or a longer, better rate lock from that lender." Give us a call today at 1-800-595-1474 for the best construction financing.


Whatever your financing needs,
we will tailor a loan that's right for you.

 
 
 

Wall Street Journal
Commercial News

8/4/21

WSJ.com: US Business

Tyson Foods to Require Vaccines for All U.S. Workers
The meat giant?s decision drew pushback from some union leaders, signaling tensions between management and workers over stepped-up efforts to guard against more contagious variants of Covid-19.

PepsiCo to Sell Tropicana, Naked Juice Brands
The snacks-and-beverage company plans to sell Tropicana and other juice brands to private-equity firm PAI Partners in a deal valued at roughly $4.5 billion.

Crypto 'Wild West' Needs Stronger Investor Protection, SEC Chief Says
The Securities and Exchange Commission will regulate cryptocurrency markets to the maximum extent possible, Chairman Gary Gensler said, as he called on Congress to grant the agency more authority and resources to regulate the sector.

Spirit, American Airlines Cancel and Delay Flights a Third Day
Spirit Airlines canceled over half its flights as the airline continues to grapple with an operational meltdown that has thrown its operation into disarray.

Activision Blizzard Executives Exit as Company Faces Gender-Bias Lawsuit
A California agency accused executive J. Allen Brack and others at the company of failing to respond to employee complaints of harassment, discrimination and retaliation.

White House Pushes Distribution of Aid to Renters as Eviction Moratorium Expires
The White House, under fire from progressives for the expiration of a moratorium on evictions, said it lacked the legal authority to order an extension while blaming state and local governments for slow distribution of rental aid.

Yellen to Enact Steps to Avoid Breaching Debt Ceiling
The Treasury Secretary urges Congress to increase the ceiling, which went back into effect on Sunday.

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Charles Elfsten, President
Charles A. Elfsten
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