CONSTRUCTION MORTGAGE LOANS

Franklin Bank has a variety of construction loan products to help you build your dream home. We will also customize a loan to fit your special needs.

Construction to Permanent

Terms are: Nine month construction term at an interest rate of prime rate plus and one point origination fee. Minimum interest rate is 7.00%. Interest only payment during the construction term based on the outstanding loan balance. Interest rate on the permanent mortgage will float and be established 10 days prior to the final settlement. The equity value in your land can be used as the down payment.

Construction Only

Terms are: Nine month construction term at an interest rate of prime rate plus and one point origination fee. Minimum interest rate is 7.00%. Interest only payment during the construction term based on the outstanding loan balance. Loan balance will be due in full at the end of the loan term. (Extension available with extension fee and is subject to credit approval)

Land Acquisition/Construction Permanent

Terms are: Same parameters as construction permanent mortgage except a required 30% down payment based on the purchase price of the land is required.

$495.00 application fee
Funds disbursed in draws (usually 4-5) after the work is completed
Inspection fees of $100 due for each draw

LAND LOANS

Franklin Bank has just the program for a buyer who wants to build a house but isn't ready to start building.

Raw or Improved Land

Maximum loan $100,000
Fixed rate loans with terms up 10 years
Maximum loan to value is 50% (minimum 50% down payment) (Raw Land)
Maximum loan to value is 65% (minimum 35% down payment) (Improved Land)
One point origination fee
Application fee is $395.00

Contact Thomas Clarke us at (609-202-3140) or your local branch office for personalized service.

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