Feel free to contact me directly- Here is a snapshot to Construction loans we offer:
-CTP loans can be on Primary Residences and 2nd Homes for ground up construction, lot acquisitions, tear down, renovations/additions, modular homes, log home , stick built homes with loan amounts up to $2.0MM.
- We "do not" qualify the builder, we quailfy the client. Builders LOVE this!!
1. This is a Citizens Bank portfolio product, we can finance up to 90% loan to value of the entire project. This is point is usually the one your clients will appreciate! At this point in time Citizens is one of the only lenders that will loan on a 90% LTV with NO MI!!!
2. The construction loan is a true “One Time Close” with the first 12 months payment being interest only during construction for the borrower. When construction is complete the loan modifies to a fully amortized loan with principal and interest payments. Borrowers retain the ability to further modify the loan if they have additional savings or down monies at the time of the home completion/modification (Ex. Sale of an existing home mid or even post construction). To reiterate; there is no need for duplicate closings, even in the previous example.
3. Closing costs for the borrower are the standard closing costs for a mortgage, purchase or refinance. The only additional fees that would be typical to the client would be the costs to pay for the draws and final inspection.
4. In case were we need a custom draw schedule Citizens may accommodate per the contract guidelines set forth and approved.
5. As the Builder you can get up to a 10% Advance draw at the construction loan closing for start up funds.
6. Curb side funding is available and we typically wire the monies into your account direct.
7. No long term rate locks are needed, we can lock the borrowers at application! This rate translates to both construction and perm loans, keeping it simple!
8. CTP loans can be on Primary Residences and 2nd Homes for ground up construction, lot acquisitions, tear down, renovations/additions, modular homes, log home , stick built homes with loan amounts up to $2.0MM.
9. Final and most important for the site GC/builder! Citizens Bank has limited to no Paperwork, no credit checks, no financials. Citizens does require a disbursement schedule to be in the contract and/or provided and does require a copy of a license and insurance needed for the state you are building in (if applicable.) This fact alone makes this a fairly simple process for our builders in our network.
Sales Manager- 412-889-3310