//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