Loan officer: Alex Greer.
Property type: Residential-zoned vacant lot in Oakland.
Appraisal value: $1.25 million.
Loan type: Jumbo 30-year fixed.
Loan amount: $1 million.
Rate: 4.875 percent.
Backstory: Open floor plan, hardwood flooring, a modern kitchen, plenty of storage and outdoor living spaces, the list goes on and on. Everyone has their own ideas of what a perfect home is like, but let’s face it — they are not always available on the market.
The Mortgage Outlet’s custom-tailored construction loan product offers borrowers the chance to both build and finance the home of their dreams — all with just one application and one closing.
These particular borrowers had purchased a residential zoned vacant lot and were searching for a lender who would do a jumbo construction loan with acceptable terms.
A good friend of theirs mentioned doing a refinance with the Mortgage Outlet and said to give us a call to see what we could offer.
After a quick call with me, the borrowers found that the one-close construction loan terms were exactly what they had been searching for.
It offers interest-only payment due on outstanding principal balance during construction. The loan converts to end term of fully amortized payment over 30 years after construction, financing of soft costs and a 18-month construction term.
The best part: The borrowers would only have to complete just one application and one closing.
With the builder and project packages completed, the construction loan was promptly submitted with a 733 credit score, 80 percent loan-to-value and great salaried incomes. The loan funded 30 days later and the borrowers are now constructing their dream home.
Alex Greer,
the Mortgage Outlet, 408-352-5147,
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