One Time Close Construction Loan:
One time close construction loans are the most common construction loan chose by our customers. In a changing interest rate environment, many borrowers prefer to lock in a long term 30 or 15 Year Mortgage Interest rate on their Construction Loan. Peterson Funding allows our borrowers to lock in a preferred rate at time of closing. Our borrowers then have up to 18 months to finish their custom home. Our process is streamlined and efficient. One of the incredible features that comes with our one time close construction loans is that our borrowers are able to lock in a fixed rate at the inception of the construction loan and if the fixed market rate drops during the draw period of the construction loan then our borrowers are able to float down to that lowest rate so that they are left with the lowest fixed rate possible for the duration of the chosen term of the loan.
Two Time Close Construction Loan:
This type of construction loan is more flexible and dynamic in it’s approach. It alllows our borrowers the advantage of a lower “floating” interest rate during construction and the option to refinance to the loan of their choice upon completeion.
Spec Builder Construction Loan:
Peterson Funding is one of the only lenders in the state that offers their client-builders and developers the option of a Spec loan. A Spec loan is short for a specutlative loan that many builders and developers need in order to build more custom homes. These spec loans typically do not have a buyer lined up. This is why they are referred to as speculative homes or spec homes. The max loan to value of this loan is 75% as the borrower must come in to closing with at least 25% of the total cost to build.
Please email firstname.lastname@example.org or call 801-305-4665 to inquire more about our construction home financing.