Residential Construction Mortgage Program

Vector Pacific has the ability to offer builders and homeowners a new Non Institutional Construction Mortgage.  The program will be as follows:

 

• Loans up to 75% of value, of 85% of cost.
• Land advances available.
• Draws on a cost to complete basis.

What problems will Vector Pacific's program solve for you?

• Tarnished credit is acceptable.
• Lower downpayment than Institutions would require.
• Second mortgages allowed for equity into the project.
• Quick turnaround time.
• Flexibility on draws.

 

What information do we require:

• Standard loan application form including net worth statement *
• 3 yrs income verification via tax returns
• 3 yrs corporate financial statements if the borrower is a company
• Lot purchase agreement *
• Detailed construction budget *
• Construction blueprints *
• Estimate of the finished value of the project *
• Resume of the builder's qualifications to build
• Construction contract to build (if the project is being built by a contractor) *

*Note, we understand that there are times when all the information can not be obtained, but the * items must be submitted to obtain an approval.   We are flexible and easy to deal with.