Construction Loans at Elevate Capital Bank
At Elevate Capital Bank, we provide specialized construction loans to help you build your dream home or undertake major renovation projects. Our construction loans offer the financial support you need to cover construction costs with flexible terms tailored to your unique project..
Features
- Borrow $5,000.00 to $150,000.00
- Payment over 12 to 48 months
- No security required
- Competitive pricing and no hidden charges.
Our Construction Loan Products Construction-to-Permanent Loan: Start with a construction loan and seamlessly transition to a permanent mortgage once construction is complete. Stand-Alone Construction Loan: Separate construction loan that needs to be refinanced into a mortgage upon project completion. Renovation Loan: Designed for major home renovations, allowing you to finance both the purchase and renovation costs with a single loan. Key Components of Our Construction Loans Loan Amount: Funds allocated to cover construction or renovation expenses. Interest Rate: Typically variable during construction, with the option to lock in a fixed rate for the permanent loan. Term: Construction period followed by a longer-term mortgage period. Draw Schedule: Funds are disbursed in stages based on project milestones. Our Construction Loan Process Pre-Approval: Submit your financial information to get pre-approved and understand your budget. Application: Complete our application with details about your construction project and contractor. Approval: Our team reviews your application and project plans. Disbursement: Funds are released in stages as construction progresses. Completion: Once construction is complete, transition to a permanent mortgage if applicable. Factors for Construction Loan Approval Credit Score: Higher scores improve approval chances and loan terms. Income: Sufficient income to cover loan payments. Down Payment: Typically 20% or more of the total project cost. Construction Plan: Detailed project plans and budget. Benefits of Choosing Elevate Capital Bank Customized Solutions: Tailored loans to fit your construction or renovation project needs. Flexible Terms: Various loan structures to match your financial situation. Expert Guidance: Our loan officers offer personalized advice throughout your project. Competitive Rates: Enjoy favorable interest rates and terms. Elevate Capital Bank is dedicated to helping you turn your construction dreams into reality. Contact us today to learn more about our construction loan options and take the first step toward building your perfect home.