Builder Construction Loans

A State Bank Group Banking ServiceBuilder Construction Loans* With locations at Wonder Lake (East), Wonder Lake (West), Hebron, Johnsburg, Lakemoor, and Spring Grove

Interest rate:

2.95%
Interest on amount actually drawn billed monthly; closing fees can usually be taken out of first draw.
Points: 1.00%
Terms:

9 months with possibility of 30 to 90 day extension upon bank approval.
No new points on original loan amount for extensions; however there will be a new Document Preparation fee of $200.00, and the interest rate will increase to the then current real estate investment property rate.
Maximum Loan to Value Ratio (LTV) 70%.
Lender Document Preparation fee: $400.00
Appraisal fee estimate: $375.00
Flood Certification fee: $ 16.00
Inspection fees: $505.00

Title company construction escrow fee estimate: $500.00

We typically use Chicago Title (Security Title Branch) or Fidelity National in Illinois.
Title insurance premium amount:

Depends on whether builder already owns lot, title company, and dollar amount of project.
Approximate Recording fees: varies from $48.00 to $60.00

We also do vacant lot loans. Any points paid for lot loan are credited against closing costs for subsequent construction loan.
Check our website for the location nearest you!

*The Federal Reserve Board's Regulation Z (12 CFR Part 226) has been republished effective December 30, 2011, at 12 CFR Part 1026 as one of the regulations transferred to the Consumer Financial Protection Bureau under the Dodd-Frank Act. This section of the FRB regulation was republished as §1026.2 of the Bureau's regulation.