Residential Construction Mortgage Program

Vector Pacific has the ability to offer builders and homeowners a new Non Institutional Construction Mortgage. The program will be as follows:

Loans up to 75% of value, of 85% of cost.
Land advances available.
Draws on a cost to complete basis.

What problems will Vector Pacific's program solve for you?

Tarnished credit is acceptable.
Lower downpayment than Institutions would require.
Second mortgages allowed for equity into the project.
Quick turnaround time.
Flexibility on draws.

What information do we require:

Standard loan application form including net worth statement *
3 yrs income verification via tax returns
3 yrs corporate financial statements if the borrower is a company
Lot purchase agreement *
Detailed construction budget *
Construction blueprints *
Estimate of the finished value of the project *
Resume of the builder's qualifications to build
Construction contract to build (if the project is being built by a contractor) *

*Note, we understand that there are times when all the information can not be obtained, but the * items must be submitted to obtain an approval. We are flexible and easy to deal with.

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