Get New Construction to Permanent Loans
Offering a two-in-one financing solution that covers both the construction phase and the mortgage phase, seamlessly transitioning from one to the other.
Lock-In Favorable Rates with Early Permanent Financing
- Securing commercial construction to permanent loans towards the end of the construction phase offers a seamless transition from construction financing to a long-term mortgage, ensuring that funding continuity is maintained without the need for separate loan agreements.
- This approach locks in permanent financing terms early, potentially capturing favorable interest rates and reducing the overall financial uncertainty associated with future market fluctuations.
- Additionally, it simplifies the financial management of the project by consolidating the construction to perm financing phases into a single loan structure, thereby minimizing closing costs and administrative burdens.
Our Construction To Permanent Financing Program
Construction to Perm Program Details
Interest Rate:
Limitations:
Finished Project or six months to completion. This program is not available in California or New York.
Loan-To-Cost / Loan-To-Value:
Calculated based on deal.
Property Type:
Multi family, Retail, Industrial, Self Storage, Office* (*under certain circumstances)
Why Opt For a Construction Loan to Permanent Loan With Us?
Innovative Financing Solutions
Our expert construction to perm lenders craft unique and imaginative financial arrangements, providing unparalleled support for your business needs. We understand that no two deals are alike, and our creative funding methods are tailored to help you secure the resources you need.
Comprehensive Loan Amounts
Whether you’re seeking a smaller $1 million loan or require financing up to $10 billion, our construction to perm loan lenders can accommodate your vision. We work closely with you to understand your specific requirements and deliver personalized funding options.
Extensive Loan Programs
Our portfolio features distinct loan programs, ensuring you find the best fit for your unique business needs. Our construction to permanent lenders will guide you through this vast selection, matching you with the perfect solution to support your growth and financial success.
Why Opt For Construction to Permanent Loans?
- Streamlined Closing Costs: Rather than dealing with separate closing costs for a construction loan and a mortgage, a construction-to-permanent loan consolidates both, significantly reducing your overall closing expenses.
- Flexible Fund Disbursement: We have the best construction to permanent loan lenders that will guide you on how funds are released to the builders in stages as the project advances, ensuring that financing aligns directly with project milestones.
- Interest-Only Payments During Construction: Single close construction to perm loans require interest-only payments while your new home is being built. This alleviates immediate financial strain, simplifying budgeting if you’re concurrently managing rent or another mortgage.
Get a Quote in 3 Simple Steps
Provide Your Details
Click the “Get a Quote” button below and fill out our user-friendly loan application. Share key information about your financing requirements, and our team will promptly analyze your data to deliver the most suitable loan options.
Connect with a Loan Consultant
Once you’ve submitted your application, one of our expert loan consultants will call you directly to discuss your construction to perm loan needs in greater detail.
Receive Customized Loan Options Promptly
After the consultation, you will receive an email with comprehensive loan proposals including terms and conditions specifically curated for you.
Frequently Asked Questions
Our interest rates start at 6%. However, the actual rate depends on factors such as the type of project, creditworthiness, and current market conditions. Our team will work with you to find the best rate for your specific financing needs.
Get in touch with us now for the best construction to perm loans.
Borrowers often inquire about the unique structure of a construction-to-permanent loan, which combines the construction loan and permanent mortgage into one financing package, allowing them to understand how this approach streamlines the financing process for new construction.
During the completion of the construction project, a second set of financing, separate from the construction itself is needed, which includes different loan agreements. Hence this program is the follow-up after a construction or development project is complete.
The loan typically converts from construction into perm loan upon the completion of the construction project. This transition requires several key steps:
- Completion of Construction: The project must be fully completed according to the initial plans and specifications agreed upon at the start of the loan. This includes passing all required inspections and obtaining any necessary certificates of occupancy.
- Final Inspection: A final inspection is often required by the lender to ensure that the construction has been completed satisfactorily and is in compliance with local building codes and regulations.
- Certificate of Occupancy: Obtaining a certificate of occupancy (or its equivalent) from the local government is crucial. This certificate confirms that the building is legally habitable and meets all the required safety and zoning standards.
Once these conditions are met, the construction to permanent loan for investment property will typically convert the construction loan into a permanent mortgage. The terms of this mortgage, including the interest rate, repayment schedule, and any other conditions, would have been determined at the outset of the construction loan agreement. The borrower then begins making regular mortgage payments according to the terms of the permanent financing.
LTC and LTV ratios are calculated based on your project’s specifics, such as the total cost, appraised value, and intended financing structure. These ratios help assess the appropriate level of funding to ensure sustainable investment. Our team will evaluate your project to ensure you’re offered the best possible terms.