Construction loans are typically short term with a maximum of one year and have variable rates that move up and down with the prime rate. The rates on this type of loan are higher than rates on.
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Mr. Siegel is a Managing Director at The Ardent Companies and ardent financial. prior to Ardent, Mr. Siegel was Vice President of Acquisitions at Rialto Capital, where he oversaw the distressed loan acquisitions platform and the acquisition of commercial RE loans on both domestic and international opportunities.
Home Construction. If you’re building a home, a construction loan can be an ideal source of cash through the building process. Interest rates are competitive and closing costs are minimal. You won’t pay any interest until the funds are used or drawn, giving you a convenient and affordable way to meet ongoing building expenses.
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A construction loan is typically a short-term loan used to pay for the cost of building a home. It may be offered for a set term (usually around a year) to allow you the time to build your home. At the end of the construction process, when the house is done, you will need to get a new loan to.
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Maine Home Construction Loans. You’ve found the perfect location and have a vision for your brand new home. Choosing the right lender – and the right construction loan – are important next steps to making your dream home a reality.
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Buying a new construction home can involve lots of exciting choices and unique opportunities. If you have your eye on a new construction home or a home that’s nearly complete, contact us today about a home loan for new construction homes.