Construction Loans

from 2023 SPRING SHOWCASE OF HOMES

Construction Loans

Loan features: thinkbank.com

• Monthly payments during construction are interest-only on the loan amount advanced.

• Rate is locked up to 375 days prior to the close of the construction loan with a free one time rate float down option within 55 days of completion.

• Origination fee: 1% / capped at $1,500.

• Eligible property types: 1 unit owner occupied (primary and vacation homes).

507-288-3425

• Think retains servicing.

One-time construction closing

• Single approval process combines the construction loan and permanent loan.

• Lower loan costs. You save by paying reduced closing costs once at closing.

Other products available:

• Lot loans (origination fee is credited at time of construction).

• End financing available (for properties with builder-carried construction financing.)

*Thirty-one Year Construction Loan rate is 3.99% with an Annual Percentage Rate of 5.875%. Rate is current as of Jan. 1, 2023 and subject to change. Construction loans are available in the following Minnesota counties: Olmsted, Dodge, Mower, Fillmore, Winona, Wabasha, Goodhue, Hennepin, Carver, Scott, Dakota, Ramsey, Washington and Anoka. Example is based on a $300,000 mortgage loan with a $1,500 origination fee, a 20% down payment, a 12 month construction period, $248.75** monthly interest-only payment on construction advances, a 3.99% fixed rate during the construction period, and a 4.50% fixed rate after the construction period ends. Estimated $1,774.61 monthly payments after construction period ends include principle and interest. A one-time float down option is available during the final 55 days of the construction period based on the thirty-year fixed mortgage rate. Payments do not include amounts for taxes and insurance and the actual payment obligation may be greater. Origination fees capped at $1,500. Other closing costs may apply. Please call for rates and fees on loans over $726,200.

**Payments will vary based on the amount drawn. The example provided is based on $150,000, 50%.

ID 440195