National Capital Funding, Ltd.’s true one-time close with staged funding const/perm loan program provides the Builder/Retailer with the security of knowing that the Borrower’s permanent loan will be in place prior to the start of construction.
Because the permanent loan is closed before construction begins, there is no “requalifying” the borrower when it is time for conversion of the construction loan to the permanent loan.
The Builder/Retailer is also able to enjoy the added benefit of staged funded draws without using their own lines of credit. All construction draws (up to three after closing on manufactured/modular housing) are determined by the "line item percentage of completion” method. Funds for site improvements will be released for work in place and/or for the payoff of the manufactured/modular home unit once offline.
NCF is now able to payoff the Manufacturer’s invoice of the manufactured/modular unit at closing if the home is offline, factory invoice is available, and proper insurance is in place. This eliminates the need for a seperate floorplan funding source.
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