We will help you acquire your construction loan in a fast and efficient manner.
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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.

 
 
 


Daily Oil & Gas and Wall Street Journal News
1/18/20

Oil Prices Nearly Flat for the Week
Posted on Thursday January 16, 2020

WTI and Brent crude oil futures posted small gains Friday but are down slightly for the week.

McDermott Hits Freeport LNG Milestone
Posted on Thursday January 16, 2020

Train 2 at Freeport LNG has begun commercial operations, engineering and construction contractor McDermott reported Friday.

US Adds 15 Oil, Gas Rigs
Posted on Thursday January 16, 2020

The U.S. rig count increased for the first time this year as the nation added 14 oil rigs and one gas rig.

Angola's Oil Drilling Ramps Up
Posted on Thursday January 16, 2020

Angola's ailing oil industry got a shot in the arm this week, with Eni SpA and Total SA both showing their commitment to the OPEC producer.

Schlumberger Posts $10B Loss in 2019
Posted on Thursday January 16, 2020

Schlumberger posted a $10.1 billion loss in 2019 amid North America land market weaknesses.

China Energy Leaders Set for Shake-Up
Posted on Thursday January 16, 2020

Top executives at China's leading energy companies are set for a power shake-up as the nation takes steps to reorganize and revamp its leadership and energy infrastructure.

First Shafag-Asiman Expl. Well Spudded Offshore AZ
Posted on Thursday January 16, 2020

BP announced this week that the first exploration well was spudded on the Shafag-Asiman offshore block in the Azerbaijan sector of the Caspian Sea.

Trans Mountain Oil Pipeline Wins Legal Battle
Posted on Thursday January 16, 2020

PM Justin Trudeau's bid to complete the Trans Mountain oil pipeline won a major victory Thursday as Canada's top court rejected an appeal brought by British Columbia aimed at challenging the project.

Oil Heads for Weekly Drop Amid Demand Concerns
Posted on Thursday January 16, 2020

Oil is headed for a weekly drop amid persistent demand concerns.

Oil Companies Face Serious Decisions on Iraq
Posted on Thursday January 16, 2020

Many oil and gas companies face serious decisions regarding their short and mid-term plans in Iraq, according to Rystad Energy.

Wall Street Journal
Commercial News

1/18/20

WSJ.com: US Business

CDC Removes Advice to Refrain From Vaping
The U.S. Centers for Disease Control and Prevention has moved away from a broad recommendation that people consider refraining from vaping altogether during the investigation into the outbreak of lung illnesses linked to the practice.

Cash, Plastic or Hand? Amazon Envisions Paying With a Wave
The tech giant is creating checkout terminals that could be placed in stores and allow shoppers to link their card information to their hands.

Boeing Encounters New MAX Woes
The plane maker has found a software problem that prevents the 737 MAX?s computers from powering up properly prior to flight, which could complicate the aircraft?s return to service.

Best Buy Opens Probe Into CEO's Personal Conduct
The board of Best Buy is investigating allegations that Chief Executive Corie Barry had an inappropriate romantic relationship with a fellow executive, who has since left the electronics retailer.

The Vanishing Executive Assistant
The erosion of jobs that gave women without college degrees a career path happened in dribs and drabs but is as dramatic as the manufacturing decline.

Trump Wields U.S. Economic Might in Struggles With Adversaries, Allies
Recent events show how the Trump administration is using sanctions and tariffs as a weapon to fix a global trading system the president sees as broken and to pursue other goals.

Employers Pull Back on Posting New Jobs
Job openings declined sharply in November, a sign of weakening employer demand that could restrain job growth in 2020.

BRE #:00619059
Charles Elfsten, President
Charles A. Elfsten
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