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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
4/21/18

Kazakhstan to Slash Heavy Oil Exports as it Goes Upmarket
Posted on Thursday April 19, 2018

The Central Asian country's oil refineries could reduce fuel oil exports by around 35 percent this year.

Indonesia Compensates Pertamina with Oil Block Handover
Posted on Thursday April 19, 2018

Pertamina has signed deals to take over rights to eight expiring oil field blocks previously held by firms including Chevron, CNOOC and Inpex, Indonesian energy ministry officials said.

East Coast Booms on Export Demand for Diesel, Heating Oil
Posted on Thursday April 19, 2018

Latin American buying has helped drive strong export flows and bolster refinery margins.

Japan Carbon Capture Site Shows Promise for Industrial Use
Posted on Thursday April 19, 2018

A test site in Japan for burying CO2 below the seabed off Hokkaido island is showing more promise than other CCS projects, its developer says.

Explorers Crank Rig Count Higher as US Crude Supplies Dwindle
Posted on Thursday April 19, 2018

Oil explorers deployed more U.S. rigs this week as increasingly tight crude supplies pushed prices to their highest since 2014.

Petrobras Is Said to Receive Three Bids for Natural Gas Unit
Posted on Thursday April 19, 2018

etrobras has received three bids for a 2,800-mile (4,506 kilometer) natural gas pipeline system, said people knowledgeable on the matter.

Oil Shrugs Off Trump Tweet to Rise for a Second Straight Week
Posted on Thursday April 19, 2018

Oil rose for a second straight week.

Norway's Odfjell Drilling to Expand Fleet as Rig Market Recovers
Posted on Thursday April 19, 2018

Offshore rig firm Odfjell Drilling plans to expand its floating rig fleet to between six and 10 from four now, it said on Friday.

Oklahoma Regulators Order Disposal Well Shut, More Reductions After Quakes
Posted on Thursday April 19, 2018

Oklahoma regulators on Thursday ordered a wastewater disposal well shut and told two operators to reduce injection volumes, the second such directive in less than two weeks.

Oil Major Total's CEO Says Will Not Give Up on Venezuela
Posted on Thursday April 19, 2018

"Despite all the difficulties, Total remains in Venezuela," said CEO Patrick Pouyanne.

Wall Street Journal
Commercial News

4/21/18

WSJ.com: Commercial Real Estate

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.

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.

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