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Builder Construction Loans*
With locations at Wonder Lake (East), Wonder Lake (West), Johnsburg, Lakemoor,
and Spring Grove
Interest rate:
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3.95%
Interest on amount actually drawn billed monthly; closing fees can usually
be taken out of first draw. |
| Points: |
2.00% |
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 $150.00, and the interest rate will
increase to the then current real estate investment property rate.
Maximum Loan to Value Ratio (LTV) 80%. |
| Lender Document Preparation fee: |
$200.00 |
| Appraisal fee estimate: |
$375.00 |
| Flood Certification fee: |
$ 16.00 |
| Inspection fees: |
$405.00 |
Title company construction escrow fee estimate:
$400.00
| We typically use Chicago Title or
Ticor Title in Illinois and Security Title in Wisconsin |
Title insurance premium amount:
|
Depends on whether builder already
owns lot, title company, and dollar amount of project. |
| 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!
*This information is intended only for builders in the real estate speculation
business and is not an advertisement to extend credit to consumers as defined
by section 226.2 of Federal Regulation Z.
Rates and terms subject to change without notice. |
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