How to Get a Construction Loan or Land LoanComment March 20, 2015 by Triangle Credit Union
As the sap flows from New Hampshire’s maple trees, backhoes and excavators across the state roar to life signaling the beginning of the construction season. Perhaps the melting snow has revealed a plot of land and suddenly you see the site for your dream home. Maybe the winter weather has done some damage and as you eye the repairs you see bigger possibilities. If so, a land loan or a construction-to-permanent loan is the right product for you. Triangle Credit Union is unique among our peers in that we have offered construction-to-permanent loans for several years. Therefore, we have a simplified process in place with an experienced team to guide you along the way.
“Spring is the time of plans and projects.” - Leo Tolstoy, Anna Karenina
The process begins with a free consultation with one of our mortgage originators to determine your need and financial capacity. There are generally three scenarios that would warrant a construction loan. First, you already own the land and you need financing to build. Second, you wish to buy land for future use. Third, you need to buy the land and start construction immediately. If any of these scenarios match your need, our mortgage originator will refer you to our commercial services team to hone in on the specific terms of your project.
Our commercial services team has worked with individuals to build their dream homes and businesses to expand and fit-up existing spaces. To say they understand complex financing scenarios is an understatement; they thrive on them. Throughout the process they’ll guide you so that you can focus on dreaming up the possibilities. They’ve put together a construction-to-permanent checklist and a construction-to-permanent loan example to help you get a sense of what will lie ahead. As you can see, the requirements are not daunting and are easily manageable. Don’t let another winter come and put a chill on your dreams. Break ground this spring!