Construction Loan Programs
NOLA Lending can help you complete your construction or renovation all in one loan. Find out if one of these programs is right for you.
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One Time Close Construction Loan
The One Time Close Construction Loan will combine your Construction and Mortgage financing into one Loan. Program offered in Northshore, Southshore and Baton Rouge areas of Louisiana.
Program Overview:
- Construction financing, lot purchases, and permanent financing all wrapped into one product
- One set of loan documents that covers both the interim construction phase and the permanent loan
- When construction is complete, the loan is then modified to a permanent loan, saving time and money
- Rate is locked upfront and a float down of the rate is possible once Construction is complete
For the Borrower
- Ability to be pre-qualified before you have a contract
- Convenience of one lender, one application, one closing, and one approval
- Fixed interest rate during construction phase
- Interest only payments made during the construction period based on the amount of funds drawn from the loan
For the Builder
- Ability to price construction loans more competitively without the expense of a construction loan
- Simplified builder process with reliable draw funds delivered by deposit, wire, or check
- Set 5-part draw schedule
- 10% soft draw allowed at the time of closing
Construction & Renovation Portfolio Loan Program
The Portfolio Construction & Renovation Program provides for ground-up construction and renovation financing, lot purchase, and permanent financing all wrapped up into one product. Properties within 100 miles of NOLA LPO within the state (Louisiana, Mississippi, and Florida) are eligible.
Program Overview:
- Ground-up construction and renovation financing, lot purchases, and permanent financing all wrapped into one product
- One set of loan documents that covers both the interim construction or renovation phase and the permanent loan
- When construction is complete, the loan converts to a permanent loan saving considerable time and money
- Ideal for customers looking to begin construction/renovations within 1-2 months
For the Borrower
- Ability to be pre-qualified before you have a contract
- Convenience of one lender, one application, one closing, and one approval
- Interest only payments made during the construction/renovation period based on the amount of funds drawn from the loan
For the Builder
- Ability to price home more competitively without the expense of a construction loan
- Simplified builder & contractor process
- Reduces construction cost, interest, exposure
- Guaranteed Sale
- Reliable draw funds delivered by wire
- Set 5-part draw schedule (for new construction only)
- 10% soft draw allowed at the time of closing
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LENDING IN ALL STATES EXCEPT: KANSAS, MARYLAND, NEW JERSEY, AND NEW YORK
Information stated above is subject to change without notice. All applications are subject to underwriting guidelines and approval. This does not constitute an offer to lend or offer an extension of credit. All loans are subject to credit approval. Not all applicants will qualify for all products offered. All loan programs, terms and interest rates are subject to change without notice and may only be available in select markets. Information obtained from a third-party and are subject to change without notice. All figures should be verified.
Depending on the value of your home, it is possible that you may be responsible for any portion of your total costs to close. The services and products advertised are not approved or endorsed by HUD, USDA, the Department of Veterans Affairs, or any government agency.