If you can imagine it, Graystone can help you build it!
Building your dream home can be easy and affordable with the Graystone Construction Loan. Benefits of a Graystone Construction Loan:
- Up to 95% LTV Financing
- One-time and two-time closing options
- Competitive rates and fees
- Personalized approach
This program has a special set of guidelines, including monitoring to ensure timely completion. Once approved, a borrower is put on a bank-draft, or draw, schedule that follows the project’s construction stages.
Construction loans can be challenging and stressful for the builder and borrower(s). We specialize in this portfolio product and offer a “white glove” experience throughout the financing, building, and closing processes to ensure a smooth transaction. We finance this product in-house, allowing us flexibility in originating these loans.
One-Time Close Construction Loan
Close on both the construction loan and the long-term mortgage at once. With the one-time closing, your interest rate as well as the loan amount is set before the construction begins.
Interest-only payments are made during the construction phase, with monthly payment amounts increasing as funds are utilized.
The loan converts to a long term mortgage upon completion of construction, upon which the borrower will commence make principle and interest payments.
Two-Time Close Construction Loan
Apply and qualify for two separate loans- a construction loan and a separate, long-term mortgage.
Interest-only payments are made during the construction phase with monthly payment amounts increasing as funds are utilized.
The long-term mortgage is considered a loan refinance, which will be used to pay-off the construction loan upon completion. A refinance transaction offers the flexibility to select the mortgage product, rate, and loan amount at construction completion. It also offers the possibility of increasing the loan amount due to cost overruns.