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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
11/21/18

OPEC's Worst Nightmare: Permian Ups Production
Posted on Tuesday November 20, 2018

OPEC's bad dream only deepens next year, when Permian producers expect to iron out distribution snags that will add three pipelines and as much as 2 million barrels of oil a day.

Florida LNG Project Clears Hurdle
Posted on Tuesday November 20, 2018

An aerial rendering of the Jacksonville Export Project. SOURCE: Business Wire

Brazil Subsea Pipeline Project Goes to McDermott
Posted on Tuesday November 20, 2018

Petrobras has awarded McDermott an EPCI contract for the ultra-shallow segment of its Rota 3 natural gas export pipeline.

Sapura Energy Wins New Contracts Worth Over $400MM
Posted on Tuesday November 20, 2018

Sapura Energy Berhad strengthens its presence in Mexico and Malaysia with new contract wins.

Putin May Talk Oil with Saudi Crown Prince at G20
Posted on Tuesday November 20, 2018

Russian President Vladimir Putin may meet with Saudi Crown Prince Mohammad bin Salman at the Group of 20 summit next week and discuss issues including the oil market, the Kremlin says.

Johan Castberg FPSO Topside Work Begins
Posted on Tuesday November 20, 2018

Kvaerner is cutting first steel today for the topside of Equinor's Johan Castberg FPSO vessel.

Canadian Oil Patch Plunged into Crisis
Posted on Tuesday November 20, 2018

While the U.S. oil industry has hit a speed bump with the recent drop in oil prices, producers in Canada are in a full-blown crisis.

Brent Will Recover Towards Year-End
Posted on Tuesday November 20, 2018

Fitch Solutions Macro Research's core view is that the price of Brent crude oil will recover towards the end of the year to average over $74 per barrel in 2018.

Crude Oil Down on OPEC Uncertainty
Posted on Monday November 19, 2018

WTI and Brent crude futures prices fell on concerns about OPEC, economic growth and soft petroleum demand.

US Gasoline Price Approaches Level for Last Thanksgiving
Posted on Monday November 19, 2018

AAA contends that motorists should add cheaper gasoline prices to their list of 'things for which to be thankful' this Thanksgiving.

Wall Street Journal
Commercial News

11/21/18

WSJ.com: Commercial Real Estate

CBRE Global Investors Buys Stake in Three GGP Malls
One of the world?s largest real-estate asset managers has purchased a 49% stake in three malls in a deal that values them at more than $1 billion and shows that investors still have an appetite for top-tier retail property.

FAO Schwarz Is Returning to New York
A dominant presence in Midtown Manhattan for decades before its closure in 2015, the toy store is coming to life again with a new, 20,000-square-foot Rockefeller Center location.

Sportswear-Maker Puma to Open New York Flagship
Germany?s Puma has signed a lease deal to creating a marquee location on Fifth Avenue that will be the first of its kind for the company in North America.

Kushner Cos., Brookfield Near a Deal for Stake in 666 Fifth Ave.
The real estate arm of Brookfield Asset Management is in advanced talks with Kushner Cos. to buy roughly a 50% stake in 666 Fifth Ave. and invest hundreds of millions of dollars in the Manhattan office tower, which has been at the center of a controversy over possible conflicts of interest involving Jared Kushner, President Donald Trump?s son-in-law and adviser.

Sign of the Times: New Office Space Created in Retail's Tumult
Normandy Real Estate Partners? $133 million deal for the upper portion of ABC Carpet?s flagship store is an example of office space edging into territory that once was retail?s domain.

Want to Buy a Luxury Hotel in the U.S.? Try China's Insurance Regulator
When Chinese regulators seized control of Anbang Insurance, they took ownership of more than a dozen luxury U.S. hotels. Now, as the government looks to sell, it faces a problem: The buildings likely are worth less than what Anbang paid only a couple of years ago.

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.

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