We will help you acquire your construction loan in a fast and efficient manner.
Call us toll-free at 1-800-595-1474
Call Us...Toll Free!

5-Star Mobile Home Parks
Apartments
Apartment Buildings
Assisted living facilities
Auto repair garages
Boutique hotels
Car dealerships
Care facilities
Car wash facilities
Casinos
Church financing
Congregate care
Drugstores
Walgreens
CVS Pharmacies
Rite Aid
Energy
Ethanol plants
Factories
Factory outlets
Franchises
Gas stations
Golf courses
Grocery stores
Hospitality
Hotels
Housing developments
Independent living facilities
Industrial parks
Land acquisitions
Manufacturing facilities
Medical facilities
Medical offices
Mini storage
Mixed use
Mobile home parks
Movie theaters
Office buildings
Offices
Parking garages
Post Offices
Private schools
Raw land
Regional malls
Residential subdivisions
Resorts
Restaurants
Retail centers
RV parks
Senior housing
Shopping centers
Ski resorts
Special use buildings
Strip centers
Student housing
Tract development
Warehouse distribution centers
Warehouses
Wineries

 
 
 
 

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
7/15/20

Otakikpo JV advances Otakikpo drilling plans with service agreements
Posted on Monday July 13, 2020

Otakikpo JV, a joint venture of Green Energy International Ltd., Abuja, and Lekoil Ltd., London, signed definitive agreements to advance Otakikpo marginal field development in OML 11 in Nigeria’s Niger Delta.

Beach, Bridgeport awarded offshore Otway permits
Posted on Monday July 13, 2020

Beach Energy Ltd., Adelaide, and Bridgeport Energy Ltd., Sydney, were awarded two new exploration permits in the inshore sector of Otway basin of southwest Victoria.

Talos, Block 7 partners have 120 days to submit unitization plans for Zama field
Posted on Friday July 10, 2020

Talos Energy along with Block 7 partners and PetrĂ³leos Mexicanos (Pemex) have 120 working days to submit a Unitization and Unit Operating Agreement to Mexico's Ministry of Energy for Zama field development.

ReconAfrica subsurface evaluation to aid Kavango basin exploration
Posted on Thursday July 09, 2020

Reconnaissance Energy Africa Ltd. (ReconAfrica) completed a subsurface evaluation delineating large prospective conventional hydrocarbon bearing structures throughout the entire Kavango basin.

Equinor awards portfolio agreement for Oseberg upgrade project
Posted on Wednesday July 08, 2020

Equinor has awarded Aibel a portfolio agreement for modification tasks at Oseberg fields in the Norwegian North Sea.

Wall Street Journal
Commercial News

7/15/20

WSJ.com: US Business

Apple Wins Major Victory in Battle With EU Over Tax
The bloc?s second-highest court sided with the U.S. company over a $14.8 billion tax bill that EU antitrust officials had said the company owed to Ireland.

Moderna's Covid-19 Vaccine Moves to Bigger Study
A new U.S.-funded trial would seek 30,000 subjects and could deliver an answer by year-end about whether the vaccine induces immune responses sufficient to protect people safely.

U.K. to Ban Huawei From 5G Networks Amid China Tensions
The British government said it would bar telecom companies from purchasing new equipment made by China?s Huawei and gave them until 2027 to remove its technology from their 5G wireless networks, a sharp about-face that marks a significant victory for the U.S.

Auto Makers Grapple With Worker No-Shows as Covid-19 Cases Surge
General Motors and Ford are struggling to keep workers on the job as coronavirus cases increase, forcing the companies to cut shifts, hire new workers and transfer others to fill vacant roles.

Searching for Video? Google Pushes YouTube Over Rivals
Facebook and other competitors host the same videos, but engineers have made changes that effectively preference YouTube?owned by Google?over other video sources. Journal tests show YouTube usually ends up first and takes most of the slots in Google Search video carousels, prime results real estate.

U.S. June Consumer Prices Rose Sharply
U.S. consumer prices rose sharply in June while states were broadening efforts to reopen, with costs snapping back for products and services that were hit hard by the coronavirus pandemic.

Sobering Economic Data From Europe, Asia Dash Hopes for Swift Recovery
Early data suggest the recovery from the economic crisis precipitated by the coronavirus pandemic could take longer than originally hoped, with countries facing a long slog to recover lost jobs and income.

BRE #:00619059
Charles Elfsten, President
Charles A. Elfsten
Top| Contact| Privacy| Licensing| Site Map| Resources
DESIGNED AND
POWERED BY

Ocean Pacific Capital