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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
4/24/17

Genel Energy Appoints New Chairman
Posted on Sunday April 23, 2017

Genel Energy plc appoints new non-executive director and chairman with immediate effect.

Petronas Awards 'Key' Offshore Contract
Posted on Sunday April 23, 2017

Petronas Carigali Sdn Bhd (PCSB), a subsidiary of Petronas, awards a "key contract" to Perbadanan Urusan Kejuruteraan dan Limbungan Brooke.

Oil Falls Below $50 as Surging US Output Undermines OPEC Cuts
Posted on Thursday April 20, 2017

Oil dropped below $50 a barrel as investors lost faith.

Baker Hughes: US Drillers Add Oil Rigs For 14th Week In A Row
Posted on Thursday April 20, 2017

US drillers added oil rigs for a 14th week in a row, extending an 11-month recovery.

US Will Not Issue Drilling Waivers To Russia Sanctions
Posted on Thursday April 20, 2017

The US will not make an exception for American companies seeking to drill in areas prohibited by US sanctions on Russia.

Texas Adds Thousands of Oil, Gas Jobs in March
Posted on Thursday April 20, 2017

Thanks in part to increasing crude oil prices and exploration and production activity in onshore basins, Texas adds more than 3,000 jobs in March.

US E&P Budgets Rebound, Grow For First Time Since 2014 Downturn
Posted on Thursday April 20, 2017

US CAPEX and rig counts to drive production growth of 5% this year; drilling and completion spending to increase by 58% this year, according to Fitch Ratings' modeling.

Commodity Weekly: OPEC Rhetoric Fails to Rouse the Bulls
Posted on Thursday April 20, 2017

Oil market faces further downside risk if OPEC does not extend output cuts. Cartel rhetoric staves off lower prices in the meantime.

OGA Urging Industry to Increase Pace of Collaboration
Posted on Thursday April 20, 2017

The UK Oil and Gas Authority (OGA) is urging the industry to increase the pace at which licensees develop a culture of collaboration both internally and externally.

Schlumberger Expects Reactivation Costs To Squeeze Margins
Posted on Thursday April 20, 2017

Schlumberger says a ramp up in drilling activity in North America boosted pricing for its services, but the cost of reactivating equipment idled during the downturn dragged down margins.

Wall Street Journal
Commercial News

4/24/17

WSJ.com: Commercial Real Estate

New Jersey Office Market Slump Worsens
New Jersey office leasing for the first quarter hit a multiyear low, as tenants avoid dated corporate campuses and demand proximity to transit and urban amenities.

Israel's Gazit-Globe Sets Sights on New York
Global retail landlord Gazit-Globe is planning to open a private U.S. subsidiary to invest in real estate in New York and other major metropolitan areas, the company said.

Office Market Swings in Tenants' Favor
The seven-year expansion in the U.S. office market slowed in many big cities in the first quarter.

Malls Deploy Technology to Lure---and Keep---Shoppers
Mall landlords faced with declining sales and disappearing stores are deploying smartphones, social media and other technology to lure customers?and then keep them spending.

New Shopping Centers, More Than the Web, Kill Old Malls
Internet retailing is eating into mall revenue, but competition from newer shopping centers was the most common cause of death for malls over the past decade, according to a recent study.

Nashville Mall Turns to Madame Tussauds to Draw Crowds
Simon Property Group is hosting the nation?s first Madame Tussauds in a shopping mall, part of the retail landlord?s push to offer customers new experiences that go well beyond shopping.

The New Manhattan Office Trend: Penthouses
The addition of glass-walled office spaces atop older buildings is an investment a number of owners are making in hopes of boosting income and competing with newer office buildings in Manhattan.

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