Construction Loans

Bloged in Mortgages and more... by Drew Thursday October 6, 2016

To apply please contact

Drew McKinney

612-607-7638 Phone

NMLS# 1461655

www.drewmckinney.com 

 

Construction Loan

Roundbank offers two types of construction loans.  We can assist you in determining with type best fits your needs.

One-Time construction closing:

  • Single approval process combines the home construction loan and the permanent loan in one.

  • Lower loan costs.  You save money by paying reduced closing costs in single closing.

  • Best for those who can accurately anticipate their final construction costs.

    Two-Time construction closing:

  • Financing is available to pay costs incurred during the construction phase with a second closing for the permanent loan to payoff interim financing.

  • Flexibility to change the permanent loan production, term and amount.

  • Best for those who are not able to accurately anticipate final costs.

    Loan Features:

  • Up to 12 months to complete the home.

  • Interest is accrued only on the amount advanced.

  • Eligible property types: Primary, Vacation Homes, and Investment properties

    Benefits:

  • Convenient access to funds

  • Roundbank retains servicing of the mortgage.

 

 

To apply please contact

Drew McKinney

612-607-7638 Phone

NMLS# 1461655

www.drewmckinney.com 

Vacant Lot Loans in MN

Bloged in Mortgages and more... by Drew Thursday October 6, 2016

 

Residential Lot Loan

 

A residential lot loan is used to purchase non-income producing land, up to a maximum of 40 acres.  You can use this loan to buy the land where you want to build your new house.

Benefits:

  • Affordable payments with minimal closing costs.

  • Stable Monthly Payments

  • Source of down payment is flexible

  • Roundbank retains the servicing

     

    Features:

  • Loan term/amortization:

    7 year term with 10 or 15 or 30 year amortization

  • Loan Purpose:

    Purchase and New Construction only

  • Eligible property types:

    Non-income production lot, Maximum 40 acres

  • Loan Limits:

    Generally over $10,000 with no max lending amounts

     

    To apply please contact

    Drew McKinney

    612-607-7638 Phone

    NMLS# 1461655

    www.drewmckinney.com

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