 Construction Loans: General Information
Building your own custom home can be an exciting and enjoyable process. We can help you with many aspects of the project. Some of the features of our program include:
- Progress Inspections. We utilize an inspector experienced in residential construction to determine the progress of the construction. These inspections help us to make decisions about disbursing funds.
- Voucher Payment Process. Our Voucher payment system provides for direct payment to subcontractors and suppliers.
Fund Control. Fund Control Services are available and/or required in some areas.
- Periodic reporting to general contractors and borrowers provides details of the loan disbursements that can be used to reconcile to your records. Year-end reporting is also provided on transactions requiring 1099 reporting.
- Interest Reserve may be added to your loan, which will typically cover the interest payments during construction.
|
