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Construction/Permanent Business Services

Homeowners seek construction/permanent financing for acquisition/development or renovations to their existing home. The first is a purchase transaction while the second is a refinance. The homeowner can choose from our adjustable rate products plus one point. The first year is interest only. The loan automatically converts to a permanent 29 year mortgage per the original terms of the ARM note. Acquisition or refinance funds are disbursed at the closing. Construction funds are held back and disbursed as work is completed. A mutually agreeable disbursement schedule is negotiated with the builder, customer, and Bank prior to closing. An appraisal gives us two values: “as is” and “upon completion,” neither of which can exceed 80% loan-to-value.