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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
5/27/17

OPEC Oil Cut Extension Renews Asia's Crude Supply Worries
Posted on Thursday May 25, 2017

In physical markets, where tankers can take weeks or months to deliver crude oil, refiners want to know if they will be forced to search for new suppliers.

Colorado Oil Tank Fire Kills One, Injures Three
Posted on Thursday May 25, 2017

A blaze engulfed a Colorado oil tank battery on Thursday, killing one worker and injuring three, authorities said.

No New Demand, More Supply Leaves Spot Price Languishing
Posted on Thursday May 25, 2017

Asian LNG spot prices have fallen due to a lack of significant new demand from the Middle East and others as supplies emerged from Papua New Guinea, Angola, Abu Dhabi and Russia.

Renewable Energy Sector Added Jobs during Downturn
Posted on Thursday May 25, 2017

A new report from the International Renewable Energy Agency found that despite a tough oil and gas climate, jobs in renewables increased in 2016.

Op-Ed: Crude Export Habits Could Factor Into OPEC's Oil Balancing Act
Posted on Thursday May 25, 2017

With the US entrance into the crude oil exporting market and little change in global loading, production may not be the only weight on commodity prices and crude oversupply.

Gas Shipper Flex LNG Signs Deals to Buy Six New Vessels
Posted on Thursday May 25, 2017

The Oslo-listed company is betting on increasing fuel demand from Britain and other countries, its chief executive told Reuters.

Commodity Weekly: OPEC's Announced Cut Extensions Fail To Buoy Markets
Posted on Thursday May 25, 2017

OPEC announcement to extend output cut an additional 9 months fails to convince oil markets - prices fall 5%.

China's Teapot Refiners Set to Slow Crude Imports as Tanks Overflow
Posted on Thursday May 25, 2017

The move by China's so-called "teapots", a key driver of the country's crude appetite, will stir concerns about demand in the world's top oil buyer.

Saudi Aramco to Spend $18B on Growth in the Americas -Motiva
Posted on Thursday May 25, 2017

Motiva called the $18 billion estimate "a general framework of opportunities."

Nigeria Oil Governance Bill Aims To Break Up State Oil Company NNPC
Posted on Thursday May 25, 2017

The long-awaited oil governance bill passed by Nigeria's upper chamber of parliament proposes breaking up the state oil company.

Wall Street Journal
Commercial News

5/27/17

WSJ.com: Commercial Real Estate

China Life Buys Sprawling Portfolio of Small Market U.S. Real Estate
China Life Insurance Group is buying a 95% stake in 48 commercial properties scattered throughout the U.S. in deal that values the portfolio at $950 million and highlights the growing appetite among foreign investors for real estate in markets they mostly have ignored until now.

As Lower East Side Gentrifies, Condo Offers Sprawling Private Garden
Trees, tree house, hilly path, fire pits, telescopes: The One Manhattan Square condo building on the Lower East Side takes the private-garden amenity very seriously.

New Jersey Ski Resort Files for Bankruptcy
Mountain Creek Resort Inc., a New Jersey ski resort less than two hours from Manhattan, has filed for bankruptcy protection, citing years of above-average temperatures, scant snowfall and missteps by prior owners.

What's Behind GE's Move From the Connecticut Suburbs to Boston
Chief Financial Officer Jeffrey Bornstein says being near students was a major attraction

Apple Headquarters Signals Tech's Boom, Bravado
Apple Inc.?s new headquarters in Silicon Valley is the most lavish in a spate of glitzy new architectural projects by tech titans at a time when their businesses are booming and market valuations are soaring.

New York Landlords Roll Out Freebies to Attract Tenants
Manhattan office landlords are boosting their use of concession packages such as free rent and remodeling cash to entice tenants to take space.

NYC Picks Development Team for West Side Mixed-Use Tower
The New York City Economic Development Corp. has tapped a development team to transform a far West Side parking lot into a mixed-use tower with affordable housing, offices and dormitories.

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