While Procopio Construction does not offer in-house financing for new construction clients, we do have extensive experience with construction financing, and end-loans for our customers, and have an experienced team of bankers and lending professionals whom we work with regularly on behalf of our clients.
Generally, we are not involved with development financing for large scale projects that are not our in-house projects. However, North Shore Bank is familiar with these typical projects and we have a wonderful working relationship with them and recommend them as construction mortgage financing and lending options for our residential end-users.
Financing for your new home can be intimidating, but with the right lending partners, it does not need to be complex or burdensome! North Shore Bank’s goal is to make the home loan part as uncomplicated as possible, with a simple application processes and a friendly, knowledgeable staff that will give you the attention you need and deserve.
Most full-custom new homes are financed with a construction mortgage, which closes at the beginning of the project, and disburses funds throughout the term of construction and converts into a end-loan product of your choosing when construction is complete.
Semi-custom and spec home financing is generally accomplished though normal end-loan mortgage products, with a closing after construction is complete.
NEW CONSTRUCTION FINANCING EASTERN
New construction mortgages can be somewhat different from typical purchase loans, and while these loans are somewhat more complex, they do not have to be any more difficult than a regular loan.
Unless a buyer is using cash, or a significant portion of cash, all of our full-custom new homes are financed with construction loans. Construction loans close at the beginning of the project, and disburse funds throughout the term of construction and converts into a end-loan product of your choosing when construction is complete.
Unlike full-custom homes, semi-custom and spec home financing is generally accomplished though normal end-loan mortgages, with a closing after construction is complete. Deposit requirements differ depending on the level of customization, and are generally negotiated prior to entering into the purchase agreement.