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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
1/23/19

MEG to Cut Spending and Shuffle Board
Posted on Monday January 21, 2019

Fresh off defeating a hostile takeover bid, MEG Energy is slashing capital spending and reviewing the makeup of its board.

Crude Oil Futures Falter
Posted on Monday January 21, 2019

Two individuals notably absent from Swiss ski resort are making their mark.

Frac Water Demand in US Skyrockets
Posted on Monday January 21, 2019

New research by Rystad Energy finds that the demand for frac water in the US has more than doubled since 2016.

Nearly $1B Awarded for Canada LNG Project
Posted on Monday January 21, 2019

The British Columbia project will boast unimpeded access to LNG customers in Asia.

Halliburton Receives International Gains to Close Out 2018
Posted on Monday January 21, 2019

The oilfield services giant saw $5.9 billion in revenue in the fourth quarter of 2018.

Shale Slowly Choking Off Historic Gasoline Trade
Posted on Monday January 21, 2019

The rise of U.S. shale oil is choking off a historic gasoline trade, dealing a blow to European refineries that for decades have relied on American drivers to buy their excess supplies.

Genel Buys Stakes in Chevron KRI Blocks
Posted on Monday January 21, 2019

Genel Energy reaches an agreement to acquire stakes in the Chevron operated Sarta and Qara Dagh blocks.

Industry Confidence Keeps Rising
Posted on Monday January 21, 2019

Industry confidence has risen again, according to a new report released Tuesday by oil and gas technical adviser DNV GL.

Oil Halts Gains Near 2-Month High
Posted on Monday January 21, 2019

Oil halts gains near a 2-month high as investors weigh concerns over outlook for the global economy against the OPEC+ coalition's performance on pledged output cuts.

Crude Oil Uptick Continues
Posted on Sunday January 20, 2019

The February WTI posted a modest gain during abbreviated US holiday trading Monday.

Wall Street Journal
Commercial News

1/23/19

WSJ.com: Commercial Real Estate

CBRE Global Investors Buys Stake in Three GGP Malls
One of the world?s largest real-estate asset managers has purchased a 49% stake in three malls in a deal that values them at more than $1 billion and shows that investors still have an appetite for top-tier retail property.

FAO Schwarz Is Returning to New York
A dominant presence in Midtown Manhattan for decades before its closure in 2015, the toy store is coming to life again with a new, 20,000-square-foot Rockefeller Center location.

Sportswear-Maker Puma to Open New York Flagship
Germany?s Puma has signed a lease deal to creating a marquee location on Fifth Avenue that will be the first of its kind for the company in North America.

Kushner Cos., Brookfield Near a Deal for Stake in 666 Fifth Ave.
The real estate arm of Brookfield Asset Management is in advanced talks with Kushner Cos. to buy roughly a 50% stake in 666 Fifth Ave. and invest hundreds of millions of dollars in the Manhattan office tower, which has been at the center of a controversy over possible conflicts of interest involving Jared Kushner, President Donald Trump?s son-in-law and adviser.

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.

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