When you need a construction or land loan, you need superior service and a professional team who has the expertise to guide you through every step of the process from start to finish. Preferred Empire Mortgage offers a fast and easy approval process with wholesale interest rates tailored to your needs. We provide financing with as little as 10% down and extended rate locks to last throughout the construction process.

To apply for a construction loan you will need to provide the bank with plans and specs of the project. This allows the bank to appraise the future value of the property. If you finance 70% of appraised value or less you can qualify for a no income verification loan and your rate will be locked in for the term of the loan.

While construction is taking place you have the option to make interest-only payments or pay nothing at all and make full payment at the end of the construction process. If your project needs funds while construction is taking place the lender can release funds in stages. The bank will require an inspection. Once the inspection is complete, funds will be released to you within 72 hours. This gives you the flexibility you need while building. When construction is complete your loan will automatically be refinanced into a standard mortgage.

Whether you are looking to build the house of your dreams or break-ground on a commercial development, you have come to the right place. Preferred Empire Mortgage specializes in construction loans for individuals and builders and we will work with you every step of the way.