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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
11/20/17

Officials: BP, Eni Interested In Developing Iraq's Majnoon Oilfield
Posted on Sunday November 19, 2017

BP and Eni are among companies that have expressed an interest in developing the giant Majnoon oilfield.

Oil Eases As Traders, Investors Grow Edgy Ahead Of OPEC
Posted on Sunday November 19, 2017

Oil prices fell 0.8%, extending recent weakness ahead of next week's OPEC meeting.

ADNOC Pushes Ahead With IPO After Emaar Sale
Posted on Sunday November 19, 2017

Abu Dhabi National Oil Co. plans to sell as much as 20% of its fuel-distribution unit.

Sources: Two Alberta Oil Sands Upgraders Warn Customers Of Volume Cuts
Posted on Sunday November 19, 2017

Two oil sands upgraders in Alberta have warned customers about cuts to synthetic crude output.

BP Seeks Stake In Cairn Energy Senegal Assets
Posted on Sunday November 19, 2017

Cairn Energy is in talks with BP to sell a 30% stake offshore Senegal.

Russia's Rosneft Signs Oil Supply Deal With Greece's Motor Oil
Posted on Sunday November 19, 2017

Rosneft and Greece's Motor Oil Hellas Corinth Refineries have signed a deal on mutual supplies of crude oil and oil products.

Media: Three Dead After Suspected Gas Leak At PetroChina Refinery
Posted on Sunday November 19, 2017

Three workers are killed and six others injured during a suspected gas leak.

Ancala Acquires Apache's Two North Sea Gas Pipeline Assets
Posted on Sunday November 19, 2017

Ancala Partners finalizes its acquisition of Apache's interests in two North Sea gas pipeline assets.

Keystone XL Clears Major Obstacle in Nebraska
Posted on Sunday November 19, 2017

Nebraska panel clears path for Keystone XL.

Shell, Bio-Bean Power London Buses with Coffee Ground Biofuel
Posted on Sunday November 19, 2017

Royal Dutch Shell plc and Bio-Bean team up to help power London buses with a biofuel made partly from waste coffee grounds.

Wall Street Journal
Commercial News

11/20/17

WSJ.com: Commercial Real Estate

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.

'Little India' Thrives in Central New Jersey
Oak Tree Road, known as ?Little India,? has been transformed from a rundown and desolate area to a booming ethnic business district that attracts South Asian customers from Maine to Maryland.

NYC's Pearl River Mart Will Expand to Chelsea Market
Pearl River Mart, once a casualty of skyrocketing retail rents, is planning to open another 3,500 square-foot store at Chelsea Market in Manhattan.

Office Spaces Focusing More on Communal Areas
Businesses are beginning to design offices spaces that are increasing the amount of square footage per employee when shared work settings are taken into account.

Chocolate Giant Ferrero to Look for Innovation at Cornell Tech
Ferrero, Italian manufacturer of sweets and chocolates, is setting up an innovation outpost at Cornell University?s technology campus on Roosevelt Island in New York City.

Shortage of Industrial Space on Long Island Squeezes Tenants
Long Island?s shrinking industrial space has placed expanding tenants in a tough spot, forcing them to look east to Suffolk County and off the island entirely, according to real-estate services firm JLL.

Supermarkets Face a Growing Problem: Too Much Space
A massive build-out by retailers has left the country piled up with grocery shelves as consumers shift from big weekly shopping trips to more snacking and to-go meals.

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