National City Mortgage can free up builders spec line money by providing construction financing for their buyers, even if the builder is well into the construction of the home. Most lenders cut-off point for providing construction financing to the buyer is at foundation pour.....but not National City. We will provide OTC financing well into the construction process. Our program enables buyers to inherit the financial obligation to the home now, rather then waiting till the home is complete, while simultaneously providing the builder with lot payoff and construction funds today-prior to completion of the home.
Benefits of the program to our builders include:
Receive profitability from the ownership of the lot
Receive profitability from the home based on the percentage complete
Receive up to a 10% deposit at closing
No interest carry for the remainder of construction
