Broker Commercial Loan Mortgage, Construction Home Loan Mortgage New

MORTGAGE INFO
FAQ
RESOURCES
CALCULATORS

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Kevin Muir and Burnne Yew

NON-RESIDENTIAL LOANS

Lot and construction
Financing is available when you want to buy property and build your own house. When you finish construction, you’ll need to refinance into a regular mortgage. Generally a down payment for the land is required and most lenders want the house to be your primary residence when it is completed.

Construction to permanent financing
This option rolls the land, construction and permanent financing into one package, limiting the cost of financing (escrow, lender, appraisal, etc.) to one-time fees. The disadvantage is that the pricing is usually set at the beginning for both the construction and permanent phases.

Multi-family
Any building that houses more than four families falls into this category. Loan criteria are based more heavily on cash flow and capitalization rate.

Commercial lending
This category applies to properties that are strictly commercial in use or mixed with some commercial and some residential use. Loan criteria are based on cash flow and capitalization rate as well as the credit worthiness of the borrower.

Investment properties
Any building housing four or less families falls into the residential lending category and the same criteria apply as for a primary residence or second home. Generally investment (or non-owner occupied) property rates are a bit higher than residential rates and some other limitations apply.

Mortgage Broker - Commercial Loan Mortgage,
Construction Home Loan Mortgage (New), and More

Woodward O'Connor Mortgage Associates
4980 Capitola Road, Capitola CA 95010
Ph. 831-479-3303
Fx. 831-479-3307
www.woodwardoconnor.com
loans@woodwardoconnor.com

California Home Loans • Mortgage Rates • Refinance Specialists