Advantages of Construction Permanent Loans to Builders
As a leader in construction to permanent loans National City Mortgage is also aware of the needs of homebuilders. Our years of experience have allowed us to design a program with the homebuilder in mind. With each feature we ensure the homebuilder has the "Advantage" to sell more homes.
Eliminate potential buyer fallout.
Recover capital investment/profit in the lot prior to construction.
Reduce overall debt and improve balance sheet net worth.
Real Estate Commissions can be paid when the loan closes vs. home completion.
Use C/P loans to pay off existing inventory.
You are APPROVED! We have no approval process!
Flexible draw schedules: Choose a pre approved schedule or have your schedule approved by our Construction Loan Department.
10% Deposit/Advance* plus Permits, Impact Fees, Real Estate Commissions and Closing Costs if the total is less than 150% of Lot Value for owner occupied loans.
* NCM requires the building permit to payout a 10% Deposit
Advantages to Homebuyers
As a leader in construction to permanent loans National City Mortgage is also aware of the needs of homebuyers. Our years of experience have allowed us to design a program with the homebuyer in mind. With each feature we ensure the homebuyer has the "Advantage" that leads them to their dream home.
It's our product; we control the loan from Originations to Servicing.
NCM does not set up an escrow account at closing.
No need to sell your current home - we turn contingent loans into non-contingent loans
Structure your OTC as a refinance and use the appraised value of the finished home to calculate LTV
No lot seasoning.
Finance a higher percentage of the cost to acquire the lot and build the home.
Owner occupied loans.
No Interest Payments During Construction - with our interest reserve account.
Flexibility in dealing with Cost Overruns
Pay with cash.
Include a Contingency Reserve (not mandatory).
Customer flexibility to change loan products and change loan amounts to cover cost overruns at home completion. This is always subject to program availability, qualification and value.
Flexible products
Conforming Products: FNMA, FHLMC Products, ARM's Fixed, Baloons, and much more.
Non-Conforming Products: ARM's, Fixed, 40 year Amortzations and much more.
Owner occupied, Second Homes and investment Property financing available.
