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Interest Rate & Fee Schedule

Interest Rate:
The interest rate is a variable interest rate (indexed off the Prime Rate as regularly quoted in the Wall Street Journal). Interest-only payments are made monthly and only on the outstanding balance. Non-conforming loans are available at a slightly higher interest rate.

Due to fluctuating market conditions, please contact our office for current rate information.

Fees:
All of our fees are included in a one-time Financial Servicing Fee which start at 2% of the loan amount with a $3,500.00 minimum (this one-time fee includes all of the following: underwriting, servicing, processing, closing, credit report, document preparation, mortgage title insurance, foundation survey, any lender site inspections, appraisal, recording fees and all draw fees).

* The Financial Servicing Fee is considered a normal cost of construction and may be included in the construction loan
* The above fees are for either loan program: Seven (7) Draws or Unlimited Draws
* Land contract/Purchase closings are an additional $400.00
* Minimum construction loan is $50,000.00 and maximum construction loan is $500,000.00
*The loan term is 6-12 months
* No pre-payment penalties
* The Financial Servicing Fee for non-conforming loans will be slightly higher

Deposit:
Construction Loan One, LLC does not charge an application fee. You can be approved for a construction loan at absolutely no cost. Upon receipt of your loan submission package from your Bank or Mortgage Company, Construction Loan One, LLC will underwrite your loan and provide an approval usually within two business days.
When you are ready to schedule your closing date, we will require a refundable “Good Faith Deposit” in the amount of $400.00 at this time. When your loan is closed and activated (first draw), we will return your refundable “Good Faith Deposit” in the amount of $400.00. If you close on your construction loan and never activate your account (never make a first draw), you are charged only for those costs actually incurred by Construction Loan One, L.L.C. from unrelated third parties for expenses such as credit reports, mortgage title insurance, foundation survey, appraisal and closing documents.

All Fees, Interest and Deposit requirements are subject to change without notice.

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