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//construction-permanent
Construction Phase
- Interest Rates: prime plus 1.5% floating (prime is currently 8.25%)
- Loan to Value: based on permanent financing guidelines (approx 60%-80% LTV)
- Prepayment Penalty: 3% of the amount prepaid during the construction phase
- Construction Fee: $1,100 (cost of 5 progress and one final inspection)
- Construction Admin Fee: 50 basis points (min. $750 and max $2,500)
- Properties: single family detached - vacation homes
- Non-completion Premium: 50 basis points of loan amount if not completed by construction maturity.
Permanent Financing
- Interest Rates: our standard rates plus:
- 1/8% for 9 month construction phase
- 1/4% for 12 month construction phase
- 3/8% for 18 month construction phase
- Pre-payment Penalty:
- 3% first year
- 2% second year
- 1% third year
- Terms Available: 10, 15, 20, 25 year terms available
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