Construction loan wholesale
wholesale construction loans are the construction loans offered by wholesale lenders. wholesale construction loans are popular in countries like United States. However, these are not the permanent mortgage loans and are offered for the construction of residential and commercial properties. These loans are seen as cheap source of loans and are accessed by the mortgage brokers etc for offering to borrowers. Interest rates associated with wholesale construction loans are lower than the rates associated with bank mortgages.
There are many private lenders offering wholesale construction loans. Apart from low interest rates, these loans also allow for unlimited additional payments. wholesale construction loans are availed by property investors in good numbers. Other types of borrowers are first time home buyers and people who wish to remodel or renovate their homes. Since there are many options available, a person should take any decision after understating the loan programs in comprehensive manner. Let us discuss about these options first.
Single construction to permanent loan or CTP is one of most popular wholesale construction loans available. Through this loan, a person can qualify and close the loan with one application only. There is only one set of documents and fees attached with these loans and funds are disbursed to the borrower during the construction phase only. After the construction period is over, loan amount is amortized over 15-30 years. CTP is considered as one of best options available for buying modular homes. Double close CTP is another type of option available under wholesale construction loans. It is a traditional loan program and there are two types of loans created in this program. These are interest only construction loans and fully amortized permanent mortgage loan. Since there are two set of closing fees, these loans are expensive than single CTP. construction End loan is also available as wholesale construction loans. This type of loan program is offered to a person for buying a fully constructed home. Let us discuss some sources of wholesale construction loans to know more.
Some sources
The construction loan Company Inc is one of leading sources offering wholesale construction loans in United States. It caters to the needs of mortgage lenders as well as mortgage brokers that originate construction loans for residential purposes. construction to permanent loans are offered at competitive interest rates to experienced lenders and brokers in U.S. Programs guidelines vary from one state to another but all those lenders and brokers that are engaged in closing and origination of construction loans are eligible to apply. For getting more information, a person can easily call at 877-562-6862. There are certain requirements that have to be fulfilled for getting loan amounts. New brokers or lenders are required to submit lender or broker application, W9 form, construction addendum for lender and broker, agreement, etc.
Rates for wholesale construction loans can be downloaded in PDF format at the web site of this source. Rates change from time to time as per the prevailing market conditions. The construction loan Company is based in Michigan and is a full service Fannie Mae approved asset manager and banking company. It specializes in offering different types of residential construction mortgage programs. Its mission is to provide affordable construction loans to the home building and national housing industry. It is also a HUD lender and a member of National Association of Residential construction Lenders, National Association of Home Builders, Mortgage Bankers Association and Mortgage Brokers Association. Owner-builder loan programs are also available.
Another source that can be approached for getting wholesale construction loans in United States is SFG or Seattle Funding Group. It is one of leading private money portfolio lenders in U.S and offers services through offices located in San Diego and Bellevue. Its objective is to offer out of ordinary loan programs that are not offered by banks and other matrix lenders. Being a wholesale portfolio lender, it does not offer loans to general public and retail businesses. Mortgage professionals engaged in originating and closing of construction loans can contact SFG at 1239, 120th, Ave, NE, Suite J, Bellevue WA. Its contact number is 425-455-1733. loan programs offered by SFG are simple and fast.
These loan programs are meant for all types of borrowers like corporations, individuals, foreign nationals, owner builders, etc. Interest is charged only on disbursed funds and there is no requirement of any reserves. Holdback accounts are not maintained.There are no prepayment penalties attached with wholesale construction loans offered. All loans are serviced in-house. Maximum loan amount offered is $5000000. Up to 100% financing is done. Minimum FICO score required is 600 and construction term allowed varies from 6-18 months. Mortgage is held at first position and fee charged varies from 3-4 points.
Similarly, Apex Mortgage Services Inc is another source in U.S that can be approached for getting wholesale construction loans. It is located at 1551 N. Tustin Ave, Suite 660, Santa Ana, CA. Its contact number is 714-480-1155.
Mandalay loans is one wholesale mortgage lender that offers different types of loans including construction loans. Different types of loan programs available are government loans, home equity loans, conventional loans, jumbo loans, alternative loans etc. It is one of leading wholesale mortgage lenders and provides one of best tools to mortgage brokers and mortgage lenders. These include online mortgage forms, rate calculation tools etc. Services are offered in California as well as across the nation.Rates, fees etc offered are quite competitive. loans are offered through network of wholesale mortgage brokers. A person can easily approach this lender at 866-555-FUND.
Ocean Pacific Capital is another lender that can be approached for getting wholesale construction loans in U.S. It is located at 2 Corporate Park, Suite 102, Irvine CA. Contact number of this lender is 949-263-9000.
Other Articles
