An Arundel Bank construction loan will convert to a fixed rate permanent mortgage at the end of construction saving you money on rising interest rates and helping you maintain your monthly budget.
Also, Arundel Bank will consider a request for a self-managed construction job. We will require documented work experience specific to construction and evidence of a present work situation that will allow for time to supervise an ongoing construction project.
We invite you to reach out with any questions you may have about our construction permanent loan process; our friendly team is here to assist you every step of the way. Let’s embark on this exciting journey together and take the first step towards turning your dream home into a reality with Arundel Bank. NMLS# 671636.
Features
- 12 months construction with interest due monthly on the amount advanced.
- At construction completion, we will provide conversion to a fixed rate term mortgage.
- You choose your own licensed builder/contractor.
- Your builder is funded based on completed and inspected work.
- Draws are normally funded within 24 hours after we receive the inspection report! This is the benefit of working with a community lender that makes decisions locally.
- Mortgage insurance is collected during the construction phase for loans over 80% loan-to-value.