Jack Durney frequently works with our Champion office Brokers and knows the lending business! Below Jack explains a Construction Loan product offered by his company.
As you know from reading my messages WAFED continues to offer the only true All-in-One Construction Loan. Other banks offer construction financing but they usually require two separate loans, two sets of fees and typically require a reappraisal of the finished home before funding the permanent loan. Our product is a 31 year loan with an interest-only phase during construction. The same fixed rate is locked in for both the construction phase and the permanent loan, and no reappraisal is required when the project is completed.
And remember this important feature—we not only finance the purchase of a lot and cost of construction of a new home, but we also can provide the same program for the purchase of an existing home and the cost of remodeling after the purchase closes. In all cases, we use the future value of the completed project to determine the loan amount. We also offer low or no-fee HELOC’s for remodel projects of your primary home and mini rehab loans for the purchase of distressed bank owned properties.
Please feel free to call me if you have any questions.
Edmonds Branch Manager
229 Main Street, Edmonds, WA 98020
100% Portfolio Lender (we DO NOT SELL our loans)
· Flexible, make sense, local underwriting
· Quick Closings