Construction-to-Permanent Financing

ES&L also specializes in Construction-to-Permanent loans, providing financing for new construction, modular, panelized and manufactured housing, and log homes. You may also choose our "Purchase Plus rehab" program, which enables customers to purchase a residence and finance repairs as part of the permanent mortgage.

How does the construction program work?

	ES&L will fund the short-term construction and the long-term mortgage.
	There is only one closing. Closing occurs before the construction begins.
	Construction funds are disbursed as the construction progresses according to a draw schedule. Borrowers' funds go into the project first.
	"Interest only" is billed monthly during the construction phase on the monies advanced. The monthly billing may also include an established escrow amount for the payment of real estate taxes, hazard insurance or PMI.
	Checks are issued jointly payable to both builder/contractor/dealer and borrower, insuring all parties are satisfied.
	A property inspection and title check are required prior to each advance.
	A construction period of up to six months is allowed.