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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
11/22/19

Global Warming Lawsuit Against Oil Industry Heads to Appeals Court
Posted on Thursday November 21, 2019

New York City urged a U.S. appeals court to reinstate a lawsuit against five of the world’s biggest oil companies.

US Drops Three Oil Rigs
Posted on Thursday November 21, 2019

U.S. drillers dropped three oil rigs this week, while the gas rig count remained flat, according to data from Baker Hughes Company.

US Frac Sand Supplier Cuts 10% of Workforce
Posted on Thursday November 21, 2019

Frac sand supplier U.S. Silica Holdings, Inc. has cut 230 employees as it grapples with the current challenges in its energy markets.

US Gulf Set for Record 2020 With Oil Production
Posted on Thursday November 21, 2019

The U.S. Gulf of Mexico is positioned for another year of record oil production in 2020, according to Rystad Energy.

$620MM Texas Petchems Project Gets Green Light
Posted on Thursday November 21, 2019

Pictured is a rendering of the alkylate facility Clough is building in Pasadena, Texas. IMAGE SOURCE: Clough

Lack of Credit Is Latest Blow to Shale Industry
Posted on Thursday November 21, 2019

Banks have begun trimming back the credit lines of America's shale producers.

Akastor Appoints New CFO
Posted on Thursday November 21, 2019

Oil services investment company Akastor has appointed Oyvind Paaske as its new chief financial officer.

Labour Pledges Windfall Tax on Oil Companies
Posted on Thursday November 21, 2019

The UK Labour party has pledged a 'windfall tax' on oil companies in its latest manifesto.

Oil Down as Investors Monitor Trade Outlook
Posted on Thursday November 21, 2019

Oil pared its third weekly advance as investors monitor developments in the U.S.-China trade war that has sapped demand.

Oil Prices Surge on Bullish OPEC+ Expectations
Posted on Wednesday November 20, 2019

WTI and Brent crude oil futures showed significant upward momentum Thursday.

Wall Street Journal
Commercial News

11/22/19

WSJ.com: US Business

Tesla Unveiled a Bulletproof Pickup. Then the Window Broke.
Elon Musk embraced unorthodox design choices with Tesla?s all-electric pickup to wow truck buyers and help differentiate it. But the features he is promising could dent the commercial prospects of the vehicle Mr. Musk has dubbed Cybertruck.

Tech Companies Step Up Fight Against 'Deepfakes'
Big tech companies including Facebook, Twitter and Google have benefited from enabling users to easily share pictures or videos, but they are now working to stem the spread of maliciously doctored content ahead of next year?s presidential election.

Smucker Lowers Sales Outlook
J.M. Smucker Co. said sales in its pet business are dragging, a fresh sign of trouble in a unit the food maker was counting on to help make up for slack packaged-foods demand.

FCC Deals Blow to Huawei and ZTE, Cuts Off Telecom Subsidies
U.S. regulators labeled two large Chinese telecommunications firms a ?national security threat? and voted to ban them from a federal subsidy program, the latest move in a broader push to close them off from U.S. customers.

For 'Frozen 2,' Toy Makers Let It Flow
Hasbro and Jakks Pacific are among the toy makers flooding the zone with licensed merchandise ahead of Walt Disney Co.?s ?Frozen 2,? which opens this weekend.

U.S. Business Activity Shows Signs of Pickup Against Global Slowdown
Business activity in the U.S. is offering signs of a pickup in late 2019, contrasting with more sluggish economic performances in some of the world?s other largest economies.

Trump Calls Hong Kong Protests 'Complicating Factor' in Trade Talks
President Trump called antigovernment protests in Hong Kong a ?complicating factor? in his bid for a trade deal with China and didn?t say whether he would sign a bill passed by Congress supporting the protesters.

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