CONSTRUCTION LOANS (ONE-TIME CLOSING)

Premier Capital Lending offers our manufactured and modular home loan customers a true One-Time Close construction loan.  Most construction loans consist of either an interim construction loan and a permanent loan (also known as a two-time close) or a construction-to-permanent loan.  Both are available options with many lenders today.  Both loans require additional closing costs and monthly construction interest to be paid by the borrower.  In many cases the borrower is paying monthly construction interest while continuing to pay for his/her existing housing payment which can cause a financial burden.

Our true ONE-TIME CLOSE has only one closing therefore eliminating a second set of closing cost and there is NO construction interest that is required to be paid monthly by the borrower.  This greatly reduces the out-of-pocket expense required by the borrower.

The ONE-TIME Close construction loan is closed prior to the start of construction.  At the closing, the land is paid as well as cost associated with the loan.  Draw disbursements are paid to the dealer/builder throughout the construction as various stages are completed.  The final draw disbursement is made to the dealer/builder after the construction is complete and the home is ready for occupancy.  The dealer/builder provides the new homeowner with the keys to move in to their new home.  The monthly mortgage payment will normally begin on the first of the following month.