Construction-to-Permanent Loans: Otherwise known as the CPloan, construction-to-permanent loans are another option for financing the building of a new home.
An advantage of construction-to-permanent loans for small business owners and homeowners is that instead of having to get a loan for the construction phase and then a second for financing the finished project, borrowers can get two loans at once.
GE Real Estate, Norwalk, Connecticut, announced it has provided a $28.5 million construction-to-permanent
loan to the Canadian Toronto Film Studios Inc., (TFS) Toronto, Ontario, for the 260,000-square-foot first phase of a mega-film and television production studio in Toronto's port lands, called FILMPORT.
Your best bet is one closing, one lender, one loan officer." A construction-to-permanent
loan combines all three phases and saves you substantial money on closing costs.
Winter & Company has successfully closed a multi-phase construction-to-permanent
mortgage for a 63-unit apartment building located on 110th St., facing Central Park in Harlem.
Loans: is otherwise known as the CPloan, construction-to-permanent
loans are another option for financing the building of a new home.
Freddie Mac's new provisions on mortgages for newly constructed homes will upgrade and expand the company's existing construction-to-permanent
mortgage product--stretching, for example, the period lenders have to originate, document and sell mortgages, financing renovations or newly constructed homes from six to 18 months.
loans, another feature is that the money need not be paid back at the end of construction.
FANNIE MAE HAS ANNOUNCED THE nationwide availability of its HomeStyle Construction-to-Permanent
mortgage, which enables borrowers to finance both the construction and permanent phases of their new home with one mortgage.