Construction Loans

 

What is a Construction Loan?

It is one which finances the construction of a home, provided in numerous disbursements as progress is made. These loans are interest only while construction is being done; usually over a period of 6-36 months. Once finished, it is up to the borrower(s) to convert the loan into a 30-year conventional mortgage with a different lender.

 

Western Highland Mortgage provides Construction Loans with the following parameters:

• Spec or Owner-occupied

• Lot is owned free and clear

• Permit fees must be paid

• We will not lend on primary residences; secondary or spec only

 

Typically we require a 65% Loan-To-Value based on the total cost of construction.

 

Areas of service include (but are not limited to):

• ​Northern California

  • Sacramento & the surrounding areas

  • Lake Tahoe: All areas of the basin, Truckee & Tahoe Donner

  • Lassen County

  • El Dorado County

  • Amador County

  • Shasta County

  • Glenn County

  • Tehama County

  • Butte County

  • Mono County

  • Alpine County

• Northern Nevada

  • Reno & the surrounding areas

  • Douglas County

  • Washoe County