Construction Loan Flow
We’ve compiled a visualization of the process of a construction loan from beginning to end.
Building Contract
Get building agreement and/or plans, specifications, and purchase agreement for lot signed.
Application & Services
Application will begin and services such as appraisal & title work will be ordered.
Documentation
Our team will re-review & request updated documentation before submitting to processing and underwriting.
Processing & Underwriting
Initial Decision
Our underwriter will review the loan file and issue us an initial decision.
Processing
Processing receives additional items needed from borrower and 3rd parties, including the appraisal & title work.
Final Approval
Underwriting conditions submitted for final approval & closing.
Closing & Conversion
Schedule Closing
Balance of down payment & closing costs due at closing.
Construction
Construction begins & monthly payments are interest-only during this phase.
Completion
Once construction is completed, we will lock final interest rate & modify to end loan. Updated documents may be required.