| Builder Lines of Credit |
Why a Builder Line?
At CHI Financial , we want to enable your business
to grow by providing you with the financing you need
to make it happen. That’s why we offer competitive
rates, our knowledgeable staff and more. The CHI Financial
Builder Line is available for pre-sold homes, model
homes, spec homes and developed lots.
Terms
Pre-sold homes: 18-month term*
Spec homes: 18-month term*
Model homes: 24-month term*
*Additional 6-month extensions available
Pre-sold: 12-month term*
Inventory: 12-18 month term*
*Additional 6-month extensions available
Rates
and fees
- Competitive pricing based on prime
- Fees based on line usage
Financing
- Available up to 80% of value on houses or 100% of
hard cost (whichever is less)
- Up to 80% of value on lots or 90% of purchase price
(whichever is less)
Financing may include
- Land purchase
- Closing costs
- Permits, architect, engineer and similar third-party
fees
- Direct construction costs
With our one-time close for master
documents, you’ll
have minimal paperwork (Spreader Agreements and Partial
Releases) for individual loans closing under the line.
And to finish it all, CHI Financial’s quick pre-approval
for prospective end-loan buyers, makes everything easily
come full circle for you.
|
| Builder Spec Loan |
Why a Builder Spec Loan?
CHI Financial offers a unique program for Builders
and Investors to finance the construction of a spec or
model home as well as rehab an existing home. Our Builder/Investor
Spec program provides competitive rates and terms. We’re
here to help, and get you started. Here are some of the
basic details:
Benefits
- Construction-only financing
- Can close in individual or company name
- No prepayment penalty
- Quick approval process
Property types
- 1-4 unit properties
- Modular or stick-built
- No condos or townhomes
Terms
- Two-year balloon
- 18-month construction term
- If construction is not completed within 18 months,
there will be a 0.25% extension fee
- Loan must be paid off by the 24th month
Loan amounts
- Minimum – $50,000
- Maximum – $650,000
- Loans over $650,000 require an exception
Market pricing
- Interest-only payments
- Builders prime plus 1%
- Investors prime plus 1.5%
- Origination fee 1% plus $1,500
Financing
Builder – available up to 80% of value or 100%
of hard cost (whichever is less)
Investor – available up to 75% of value or 80%
of purchase price (whichever is less)
- SIVA Stated Income Verified Assets (min. FICO 720)
Builder – available up to 75% of value or 100%
of hard cost (whichever is less)
Investor – available up to 75% of value or 80%
of purchase price (whichever is less)
Financing may include
- Land/house purchase or refinance of existing property
- Direct construction costs
- Permits, architect, engineer and similar third-party
fees
|
| Plus Mortgage (Remodels) |
Your customers now have a way to finance
home improvements without spending their life savings.
CHI Financial offers
the Plus Mortgage program to customers who want to include
the cost of renovating their home all into one loan.
Why a Plus Mortgage?
- Loan amount is calculated on total costs or proposed
value with improvements
- One application, one process,
one set of closing costs – saves time and money
- Simple and flexible draw process makes the improvement
of the home easier
- Interest-only payments during improvement/renovation
make it more affordable
- Experienced construction lending team will make the
process smooth and enjoyable
Sample renovation ideas
- Remodel a kitchen
- Upgrade a bath
- Add a two-story addition
- Add a pool or spa
- Add a garage/shop
- Put on a new roof
- New landscaping
How it works
- The loan closes with the renovation/upgrade
funds held by CHI Financial
- As the proposed work is completed, per the agreed
upon draw schedule, the funds are disbursed
- On all loans, a general contractor/builder
or a sub-contractor must complete the improvements
or renovation/upgrade work
|
| Construction to Permanent |
When your customer obtains a CHI Financial
construction to permanent (C/P) loan, you can count on
your funds
throughout the construction cycle.
Why a C/P loan?
Our one-time close not only reduces
your customer’s
total closing costs but also gives them the flexibility
to lock in their permanent rate during the construction
period.
CHI Financial has over 400 different programs to choose
from and financing up to 100% for qualified buyers.
Draws will be processed in 48 hours or less. Knowing
that your funds will be there for each draw gives you
the peace of mind to keep your focus on building. The
customer benefits as well by only paying interest on
the amount of the money drawn to date instead of the
full cost of the home. Once the construction phase is
completed, your customer will modify to a permanent loan
substantially saving them money as compared to two separate
loans. Overall, the benefits to your homebuyer are passed
along to you through the ease of the program.
Benefits
- Loan amounts up to $2,000,000
- Rate locks up to six months during the construction
period, or rate caps available for up to 12 months
with a float down option
- Paying interest only on the amount of money drawn
to date
- One loan with only one closing plus modification
to perm and less paperwork
|
| End Loan |
Coming to the end of the construction
phase should be an exciting time for the homebuyer.
An end loan from CHI Financial is the final step towards
homeownership and we’re committed to making this
process both quick and easy for everyone involved.
With over 400 different programs
available including FHA, VA, conventional, non-conforming,
non-prime and up to 100% financing…it’s
safe to say we have a loan product for just about anyone,
no matter their situation.
Our experienced team of mortgage professionals is dedicated
to providing fast pre-approvals, competitive rates, diversified
products and a continual focus on exceptional customer
service.
We understand the intricacies of
the building cycle, and we’ll work hard to close
the deal as you did in bringing your customer to us.
|
Not for distribution to consumers |
