BORROWER
BANK/BUILDER
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Project Consulation
Who, What, Where, When, How Much?
Reminder: NO Construction activity until after loan closing
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Project Consulation
Who, What, Where, When, How Much?
Reminder: NO Construction activity until after loan closing
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Permanent Loan Options Consultation
Portfolio vs Secondary Market, Associated Fees, Qualifications, Terms, and Payments
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Permanent Loan Options Consultation
Portfolio vs Secondary Market, Associated Fees, Qualifications, Terms, and Payments
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Complete Your Application
Online, In Person, or over the Phone
Deliver Applicable Supporting Documents (see attached list)
Deliver Plans, Bids, Building Contracts, & Permits
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Construction Loan Estimate Delivered
Permanent Loan Estimate Delivered
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Signed Permanent Loan Estimates
Returned to the Bank -
Construction/Permanent Loan Processing Begins
Appraisal, Title Work, and Flood Certification Ordered
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Construction Loan (KVSB) and Preliminary Permanent Loan (Gooi) Underwriting
Preliminary Permanent Loan Approval --> Construction Loan Approval
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Construction Loan CLOSING
Construction Draw Forms given/explained, Lien Waiver Discussion
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Construction Loan CLOSING
Construction Draw Forms given/explained, Lien Waiver Discussion
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KVSB Construction DDA Account Opened
Construction Begins
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Construction Draw Requested
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Construction Draws Funded
Interest Accrual Begins
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Monthly Interest Payments Made to KVSB
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Construction Inspections Occur
Foundation Complete, Framing Complete, Drywall Complete
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Final Construction Draw Requested
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Final Inspection by Bank
- Order Completion Certificate from Appraiser
- Completion Certificate Received from Appraiser
- Final Disbursement Released to Borrower
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CONSTRUCTION COMPLETE
Deliver Updated Supporting Documents
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CONSTRUCTION COMPLETE
- Permanent Loan Estimate Re-Disclosure - If Necessary
- Permanent Loan Processing
- Lock Rate on Permanent Financing
- Loan Estimate Rate Locked Re-Disclosure Delivered
- Permanent Loan Final Underwriting
- Permanent Loan Approval
- Preliminary Closing Disclosure Issued
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Preliminary Closing Disclosure Receipt
Confirmation Given -
Permanent Loan CLOSING
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Permanent Loan CLOSING
- Recission
- Loan Packet Delivery
- Funding
- Permanent Financing Rate Lock Expiration