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Construction Loan Process
Getting Started
Before you complete an application:
- Select your builder
- Develop your house plans
- Finalize all necessary changes and modifications
Next
Borrower - Begins the standard application and underwriting process with one of
Pinnacle's specialists.
Builder - Begins the approval process with lender. Approval includes the following:
a credit report check, Dunn & Bradstreet report verification, client and supplier
reference check.
Lender - Reviews plans, drawings, specifications, budget and appraisal.
After the Application
Collect all necessary supporting documentation from borrower
Lock in rate (depending on product selected)
Builder to supply lender with three copies of specifications and drawings
Finalize and sign construction contract and have builder supply lender
with a copy
Appraiser is engaged to complete an as built appraisal
Builder submits questionnaire and all license, permits and references
Lender requests title work from attorney or title company
Submit the credit, builder and project file to underwriting for approval
Clear any conditions to loan approval
Schedule closing
Close loan
Initiate draws with your approval as builder requests them
Choose permanent program and lock in rate if needed
Obtain certificate of occupancy
Obtain verification of proper home owners insurance
Prepare conversion documentation
Schedule conversion
Back to Loan Process
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