What Are Construction Loans?

New construction loans are specialized financing options designed for individuals or businesses looking to build a new property from the ground up. These loans cover the costs of land, construction materials, and labor, making it easier for builders and property developers to turn their vision into reality.

Why Choose a New Construction Loan?

Building a new property is an exciting opportunity, but it requires a substantial financial commitment. New construction loans from CRF are designed to provide the necessary funds with flexibility and efficiency. These loans offer:

• Tailored Financing: Loans customized for your specific project needs.
• Faster Approvals: Quick access to funds so your project can start on schedule.
• Interest-Only Payments: Pay only the interest during the construction phase to ease cash flow.
• One-Time or Two-Time Close Options: Choose the loan structure that works best for your project.

How New Construction Loans Work

1. Loan Approval: Get approved for a loan that covers the cost of land, construction materials, and labor.
2. Disbursement of Funds: Funds are distributed in phases as the construction progresses, ensuring that you only pay for the work completed.
3. Construction Phase: Build your property according to your timeline, with CRF releasing funds as each phase is finished.
4. Project Completion: Once the construction is complete, you can either refinance into a permanent mortgage or pay off the loan, depending on your loan type.

Benefits of New Construction Loans

• Customized Loan Terms: Flexible repayment schedules based on the length and scope of your project.
• Controlled Budgeting: Funds are released in stages, helping you manage your budget efficiently.
• Expert Guidance: Work with experienced loan officers who specialize in construction financing.

Who Can Benefit from New Construction Loans?

New construction loans are ideal for:

• Homeowners looking to build their dream home.
• Real estate investors developing new residential or commercial properties.
• Contractors and builders in need of funding for large-scale projects.

How to Qualify for a New Construction Loan

To qualify for a new construction loan, you typically need:

• A detailed construction plan and budget.
• A solid credit score.
• Proof of income or revenue, showing your ability to repay the loan.
• A licensed contractor or builder with a proven track record.

Why Choose CRF for Your New Construction Loan?

At CRF, we know that building a property requires not only funding but also flexibility and expert support. That’s why we offer competitive rates, flexible terms, and personalized service to ensure your project is a success. Here’s why clients choose us:

• Fast and Easy Approvals: Get approved quickly so you can break ground without delays.
• Experienced Loan Officers: Work with professionals who understand the complexities of construction financing.
• Flexible Loan Options: Whether it’s a single-family home or a commercial building, we have the right loan for you.
• Clear Disbursement Process: Funds are released as each construction phase is completed, keeping your project on track.