Are you looking to purchase a property, but it needs a bit of work? Or, are you looking to build a home, ground-up construction? Or, do you have an existing home and want to add a room? We can help you find financing for these scenarios. Renovation and construction loans have 2 approvals. One is the credit and income approval, which is required on all loans. The second is the approval of the construction project. Renovation and construction loans allow you to roll the costs to build into the loan. You will need to have the building plans, specs, and...
Category: Construction Loans
COUNSEL MORTGAGE PROVIDES FINANCING FOR CONSTRUCTION OF SHOPPING CENTER
We are excited to help our client finance the construction of a retail center in Avondale. It will be located on the southeast corner of Avondale Boulevard and The Boulevard. It will consist of a Mexican restaurant, Vietnamese sandwich shop, a nail salon, and a health salon. The completion of the project is scheduled for the 1st quarter of 2024. If you are looking for construction financing of commercial or residential projects, give us a call.
September 25, 2023September 25, 2023john
COUNSEL MORTGAGE CLOSES $3.8 MILLION LOAN TO CONSTRUCT RETAIL CENTER
It’s not for everyone, we admit. But for those astute enough, aggressive enough, and pre-disposed to the commensurate high rewards, the effort is worthwhile. Case in point: We recently closed a $3.8m loan for an investor/developer to construct a retail center in the west valley. (A construction loan in this economy? And a retail project at that? Yes, and yes!) The construction portion was done as a variable rate at Prime with an 18-month construction period. Upon completion, the loan rolled to a 10-year permanent loan at the FHLB rate +2.5% with a 25-year amortization period. The U.S....
June 10, 2023June 12, 2023john
CONTINUING ON THE ROAD TO WHERE?
Nothing new to see here! As widely predicted, this afternoon the Fed raised the fed funds rate another quarter of a point, now to a range of 4.5 – 4.75%. This will take the prime rate tomorrow to 7.75%. Perhaps as importantly, this puts the Fed within ½ to ¾ % of what is widely suspected to be it’s “terminal rate” for this round of escalation. At that level, it’s believed, the Fed will have cause to pause from further increases and let the economy react and stabilize in the new interest rate environment. Bear in mind the Fed let...
February 1, 2023February 2, 2023john
HAVE YOU CONSIDERED A CONSTRUCTION LOAN?
Are you planning to build a home? There are construction loan options for you. There are two approval processes for a construction loan: One for your credit and income. One for the construction and the building. You will need the final building plans, specs, and cost breakdown ready to give to the lender. The most typical loans are one-time close and two-time close construction loans: The one-time close construction loan only requires one underwrite, which is at the beginning of the process. Once you have an approval, then you can commence building. The approval is good through construction and after...
December 17, 2022December 18, 2022john
SPEC HOMES FOR PROFIT
We have products for builders who are building spec homes for profit. The minimum loan amount is $150,000 with a maximum loan amount of $3 million. For us to review your scenario we need the detailed budget, construction schedule/development phases, and architect drawings. The lender considers the following in the credit decision: ● Borrower characteristics/Total exposure approval (experience in the space, experience in the market) ● Concentration risk in the subdivision (total number of planned units, current phase, % of planned project under construction at one time) ● Local/Demographic data (where is the neighborhood, is it by a large metro,...
September 17, 2022September 17, 2022john