Construction to Permanent
CP Loans-Quick Notes
Total 600K
90% LTV
12 month construction (can be a 30-60 extension)
GC Consultant and builder must have constructed 10 homes in 3 years
Builder approved in 6 weeks
1 time close
6-7 draws
10% draw at closing once loan is paid off
Rate plus with ¾ 12mo or ⅝ 9mo
Rolls to 15 or 30 year fixed rate
Borrower sign off on the loan each time a draw is taken
Approval: Plans, specs, projects