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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
2/24/18

Oil Climbs As Libyan Outage, Saudi Comments Support
Posted on Thursday February 22, 2018

Oil prices rose to their highest in more than two weeks, supported by the shutdown of the El Feel oilfield in Libya and upbeat comments.

Cyprus Accuses Turkey Of Blocking Ship Again In Gas Exploration Standoff
Posted on Thursday February 22, 2018

Cyprus accused Turkey of threatening to use force against a drillship chartered by Eni, in a standoff over hydrocarbons rights in the eastern Mediterranean.

Italian Government Issues Early Warning Over Gas Supplies
Posted on Thursday February 22, 2018

Italy's industry ministry issued an early warning over gas supplies in the country due to exceptionally bad weather.

Libya Oil Field Is Said to Be Halted Amid Still-Fragile Recovery
Posted on Thursday February 22, 2018

A Libyan oil field halted production due to a labor dispute.

Indonesia To Challenge Latest US Biodiesel Duty Ruling At WTO
Posted on Thursday February 22, 2018

Indonesia plans to challenge the latest ruling by the United States on anti-dumping and countervailing duties on Indonesian biodiesel at the WTO.

Trump Calls Meeting On Biofuels Policy Blamed By Bankrupt Refiner
Posted on Thursday February 22, 2018

President Trump has called a meeting early next week with key senators and Cabinet officials to discuss potential changes to biofuels policy.

Minister: India Seeks 'Reasonable' Oil Price From Saudi Arabia
Posted on Thursday February 22, 2018

India is seeking a reasonable price for crude oil from Saudi Arabia, Oil Minister Dharmendra Pradhan says.

Shale Producers Urge FERC To Deny White Cliffs Oil Pipeline's Fee Request
Posted on Thursday February 22, 2018

Top shale oil producers asked a US regulator this week to reject White Cliffs pipeline's application.

Kenya Pipeline Boosts Oil-Storage Capacity by 22% With Tanks
Posted on Thursday February 22, 2018

Kenya Pipeline Co. will spend building four new tanks that will increase its storage space by more than a fifth, Managing Director Joe Sang says.

Baker Hughes: US Oil Rig Count Rises For Fifth Straight Week
Posted on Thursday February 22, 2018

US energy companies added one oil rig this week, the fifth weekly increase in a row, as oil prices hovered at two-week highs.

Wall Street Journal
Commercial News

2/24/18

WSJ.com: Commercial Real Estate

New York's Commercial Property Slump Shows Signs of Slowing
After a two-year plunge, brokers are optimistic that more deals will take place in 2018.

NYC Council Stops Midtown Tower Construction
Work on an 800-foot-tall tower in East Midtown that has been under construction for six months was halted last week following a vote by the New York City Council to limit skyscrapers in the area,.

Malls Never Wanted Gyms. Now They Court Them
Mall owners long treated gyms, massage parlors, and billiards halls as unwanted tenants that attracted lower-rent visitors who were unlikely to shop. Now they?re giving health clubs some of their best real estate.

New Jersey Office Rents Near Records
Asking rents for New Jersey office space are nearing records as landlords undertake extensive renovations and fill older properties with top-notch amenities.

Brookfield Property Makes $14.8 Billion Offer to Acquire Rest of GGP
Brookfield Property Partners LP has made a $14.8 billion offer to acquire the shares of mall owner GGP Inc. that it doesn?t already own, according to people familiar with the matter.

'Little India' Thrives in Central New Jersey
Oak Tree Road, known as ?Little India,? has been transformed from a rundown and desolate area to a booming ethnic business district that attracts South Asian customers from Maine to Maryland.

NYC's Pearl River Mart Will Expand to Chelsea Market
Pearl River Mart, once a casualty of skyrocketing retail rents, is planning to open another 3,500 square-foot store at Chelsea Market in Manhattan.

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