Construction-to-Permanent Mortgages

Let us help you turn your full build or renovation project into reality. Leverage over 130 years of expertise in the construction industry to save you time and money.

Benefits & Features

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One closing and loan application

Make your life easier with only one loan application and closing during the construction period. You’ll only pay interest on funds drawn. When your home is complete, the loan automatically coverts into a conventional mortgage.

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No maximum loan amounts

No matter how big your project is, we can help you cover it. Construction funding must be a minimum of $100,000

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Choice of products

Choose from a variety of fixed and adjustable rates with flexible repayment periods. Your dedicated lender will make sure the loan is right for you and will fully cover all your needs.

Have you already applied?

Check the status of your application now.

Building or Renovating?

Our unique Construction-to-Permanent programs are designed to help builders like you turn that project into a reality.

Contact us today so we can understand your situations and give you the best advice on our products.

Frequently Asked Questions

A Construction-to-Permanent loan is a residential mortgage loan that combines the construction phase with a fully amortized mortgage so that you only have to attend one closing.

To apply for a Construction-to-Permanent loan, please contact one of our team members.

On a purchase transaction, at the time of closing the borrower must put a minimum of 15% down payment on the sales price of the property or as-is value (whichever is less).

On a refinance transaction, the borrower must have at least 15% equity at the time of closing based on the outstanding loan balance(s) being paid off and the property’s appraised as-is value.

At completion of construction, the borrower must have at least 20% equity based on the total borrowed loan amount and the property’s appraised as-complete value. 

This potential cash burden on the borrower would need to be evidenced by bank statements at the time of approval and those funds would supplement bank financing over the course of the construction project.

Answers to Your Top 7 Questions About Construction-to-Permanent Mortgages: Everything You Need to Know

Our Construction-to-Permanent (CTP) lending product is designed to give buyers flexibility during the purchasing process. The CTP program is the preferred solution if you wish to build a house on an open lot, obtain a mortgage on a partially constructed home, or significantly expand or remodel an existing residence.

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