Building Your Dream Home Is Just A Loan Away

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Building your dream home is just a loan away. A construction loan entitles you to a line of credit for the period of time that it takes to complete your home building project. It’s also an affordable option for a first-time home builder, unlike a conventional fixed-rate mortgage loan, you’ll pay interest only on what you draw. For example, if your construction loan is $500,000 and your builder draws $25,000, you’ll only pay interest on that first $25,000. Towards the completion phase of your project, your loan will need to be rolled into a permanent mortgage loan in order to pay off the remaining balance of your property. Construction loans are high-risk for banks and lenders, making qualification requirements quite stringent.

Hire a reputable builder. It’s pertinent to have a licensed general contractor on board with your project to assure it’s built using best practices in the industry – a project gone wrong would surely cost you. Lenders will require the expertise of a professional and will likely reject instances where the homeowner is the acting contractor.
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Provide detailed specifications of your project. Building plans and specifications of materials used for the project, along with the estimated value of the land will be considered when a new construction home project is required to be appraised. This serves as a basis to determine whether or not the property can be used as collateral for the loan.

Built-in Equity. With CU Network Services, you don’t need to spend money upfront to jumpstart your new construction project. Construction loans are made up of 80% of the value of the building plans and land combined. In Hawaii, it’s common that a new home will have 20% equity built in.

If you’re looking to build or renovate a customized home tailored to fit your desired lifestyle, finance your home building project and build the home of your dreams with a specialized non-bonded construction loan. As one of only a select few Honolulu-based lenders of owner-builder construction and land loans, the Home Loan Specialists at CU Network Services will walk you through the process and help you evaluate your financing options. Call them at 529-4599 or visit their office at 715 S. King Street, Suite 100.

Locations Hawaii
Michael Marks
Sandwich Isles Realty
Kimo Smigielski, Broker-in-Charge
R, ABR, CRS, GRI, e-PRO
Hawaii Life Real Estate Brokers
Emily Garcia
Agent, REALTOR(A), RS-77391
Coldwell Banker
DAY-LUM Properties

Edith Crabb, RB-8195
Coldwell Banker
DAY-LUM Properties

Glenn Takase, RB-18547
Coldwell Banker
DAY-LUM Properties

Misti R. Tyrin, RS-75836
Coldwell Banker
DAY-LUM Properties

David L. Skeele, RB-12882
Kauai Landmark Realty
Phil Fudge, RB-18576
Claire Keaton, RS-73854
Coldwell Banker
DAY-LUM Properties

Shea Miyashiro, RS-64678
Coldwell Banker
DAY-LUM Properties

Atsuko Winston, RS-75899
Coldwell Banker
DAY-LUM Properties

Mark Skeele, RS-77005