One Time Close Construction Loan

Loan for Custom-Crafted Homes

We offer specially crafted construction loan for custom-crafted homes, with features such as:

  • Waterfront views
  • Game rooms
  • Granite countertops
  • Mechanic’s garages
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The Home You Imagine

Everyone has their own ideas of what an ideal home is like, but let’s face it—they’re not always available on the market. What if you wanted to have your dream home built?

One Closing

This custom-tailored loan product offers clients the chance to both build and finance the home of their dreams—all with just one application and one closing.

Unique Product

We are proud to offer this unique loan product, a much simpler way to build and finance your ideal home.

Features and Benefits

A one-closing construction loan combines the construction financing into the same loan as the permanent mortgage financing. This includes a single closing transaction before construction begins where a single set of fees and closing costs are collected from the borrower. Once construction is complete, the loan will convert to the permanent phase, where you will begin making traditional payments.

  • 70% LTV with no requalification required post-construction
  • 90% LTV option with requalification required post-construction
  • Loan amounts up to $424,100, or more in high balance areas
  • The rate can be locked at any time during the loan application/process
  • Simple and flexible draw process with no set schedules
  • Make interest-only payments during construction
  • Consolidate construction and purchase for only one set of closing costs and fees
Construction Loan

Loan Types and Terms

  • 15-year conventional
  • 30-year conventional

Eligible properties include:

  • 1-unit site-built homes
  • Planned Unit Developments (PUDs)
  • Modular homes
  • Site condominiums
  • Rural properties

Change Orders

A change order is an official recognition of a change to the construction/renovation plans and specifications and to the project budget.

Contingency Funds

Contingency funds are included in the construction/renovation budget to cover possible cost overruns or change orders. Contingency funds are familiar with renovation loans but not as common with new construction. However, not all loans include a contingency fund.

Fees (Unused)

Any fees or portion of unused fees after the completion of construction or renovation (e.g., inspection fees, survey fees, title update fees) will be refunded to you within 30 days of conversion of a construction loan to the permanent phase closeout of the renovation escrow.

Funding Notification

A funding notification is a notice that funds have been disbursed following a draw request. Wire disbursements will receive an email with the confirmation number and amount. Funds paid by check will be via the next-day delivery by UPS.


A permit is authorization from the local building authority to begin work on a construction project. It is also used by the building authority to identify properties in need of inspections during and after completion to ensure they were constructed according to applicable building codes. The permits for your project must be submitted to our Vendor no later than with the first draw request.

Standard Draw Requirements Letter

The Standard Draw Requirements Letter is a state-specific document that outlines the requirements for requesting a draw in the state(s) to which the letter applies. The top portion of the letter will specify the applicable state(s). It is essential to reference the correct Standard Draw Requirements Letter for your state to avoid delays in processing draw requests.

Construction Loan Disbursement Request/Authorization

This form is used to request a draw from the construction loan funds. It must be signed by both the borrower and the contractor. The approved budget must be referenced when completing this form. The specific payees (subcontractor or supplier) whom the contractor will pay must be identified. The form must be signed by both the borrower and the contractor.


The lender will fund deposits on certain items that an invoice has documented. Deposits for reimbursement must be for custom or specialty items and are limited to 50% of the budget.

Final Draw

A minimum of 10% of the total construction hard costs must be held for the final draw. Completion documentation is required before the release of the remaining funds. Support documentation such as invoices and Unconditional Waiver of Liens for the previous draw must also accompany the final draw.

Line Item

A line item is a part of the construction budget that shows the amount budgeted to complete a particular component of the home.

Site Inspection

A site inspection is an on-site review of the progress of construction/renovation by a local inspector to determine whether the work or materials for which draw funds have been requested have actually been completed or are on site. The loan administration vendor will order a site inspection from a local inspector each time a draw request is received. The property appraiser will make an additional site inspection before releasing the final draw to ensure the construction/renovation was completed as originally planned. Inspections typically will be conducted 24-48 hours after the Vendor receives the draw request. The local jurisdiction may also require inspections at various points during the construction or renovation process.


A survey is a geographic mapping of your property boundary lines, setback lines, and utility easements. A survey is required for your project after the foundation is poured to confirm it is within the legal lot limits. For renovation loans, a survey is generally not needed unless the home’s footprint is changed (e.g., due to an addition).

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