San Antonio Area Only
Owner occupied custom homes only.
We only work with self-build homes and loans other banks will not do
If you are needing an interim loan for constructing your primary residence, you need our service. We work directly with clients or, if you are a builder, we would be pleased to assist your client on your behalf. Interim loans are more difficult these days , however, our approval process is fast and easy and probably includes items that are readily avaialble to you. We offer competitive rates and fast turn around times so that you can get started on your home as quickly as possible. When your home is complete, you can roll into our competitive mortgages at a fixed rate for 30, 20, or 15 years.
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Can you do interim loans for spec houses or investment property? No.
What if I want to do the work myself? There are legal aspects to be considered when self-building a home. You cannot be the builder of record for your own home. You must have a company that will stand up as the builder of record. If you do not have someone to do this, preferably a company, please contact us about our Builder of Record service for a nominal fee.
How does a one time close differ from an interim loan? With a one time close, you qualify and close on your permanent mortgage at the start, and your interim funds needed for construction are drawn from the permanent mortgage. In a standard interim loan, you qualify as if you were getting a permanent loan, but you obtain an initial loan to construct the home and then requalify and close into the permanent at the time the construction is completed. One advantage of a one-time close is that you have only one set of closing costs for the loan and your permanent loan interest rate is established and locked at the start.
Do I have to own my own land or lot? It is best if you have owned your lot for one year or more and paid or financed the lot at the time of purchase. This puts you in a favorable position for your permamnet mortgage when you home is completed in that your permanent loan to value is based upon completed appraised value. If you have financed your lot less than a year ago, or need to purchase the lot with interim loan funds, be prepared to either have or pay-in equity at the time of closing on the loan. Your permanent loan will be based upon cost, not appraised value. NEW! Change in law - Your permanent loan can now be treated as a refinance if you have owned the lot for less than a year. The permanent loan will be based upon the appraised value at the time of completion.
What is the length of time for an interim loan? That depends upon the size and construction time of the home. Interim loans can go for 6, 9, 12 or even 18 months.
Do I have to make payments during the time of the interim loan? Usually you would make interest only payments monthly on the money that is drawn out of the loan to pay your contractor/builder as work progresses.
What is the interest rate on an interim loan? Interest rates fluctuate and depend upon your credit profile and equity in the project. Rates are low at the present time. Rates for self-builders are higher than normal rates. Please call for current rates.
How long does it take to complete the interim loan approval process? Usually about two weeks if you have all of the supporting documentation readily available.
What documentation is required? We will need completed plans and specifications, cost estimates or builder bids, Settlerment Statement from your lot purchase and your personal financial data. For a complete list of items needed, please contact us at 210-493-5300 or email firstname.lastname@example.org and we will forward a checklist to you.
Is an appraisal required? Yes, we will order an appraisal based upon the plans and specifications. The cost of the appraisal is approximately $400.00 and must be paid in advance.
Does my builder need to be approved? For a one-time close, the builder needs to be established and approved. For a single interim loan, builder requirements are less stringent, in fact, we are one of the few companies that can work with clients who want to be their own builder.
What geographical area do you cover? For Interim Loans - we cover the San Antonio area only.
How long has your company been in business? We have been in the mortgage business since 1992. Official licensing started in 2000. We have been licensed mortgage originators since that time.
How can I get more information? Please contact us at the phone number below, or, fill out our easy contact form and we will contact you as soon as possible.