About new construction loans
A construction loan also reffered to as a construction-only loan provides the funds necessary to complete the building of the property, but the borrower is responsible for either paying the loan in full at maturity (typically one year or less) or obtaining a mortgage to secure permanent financing.
The funds from these construction loans are disbursed based upon the percentage of the project completed, and the borrower is only responsible for interest payments on the money drawn.
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Features and Benefits of Loan
AN ACL new construction loan is a smart borrowing option to finance your construction project.
Quick Approval
Get pre-qualified in a matter of minutes online
Fund Management
Managing expenses is easier when you choose a construction loan from ACL
Enjoy the best rates
Lock interest rate at the start of construction
Down Payment
Flexible down payment options.
Eligibility Criteria for Loan
Any self-employed or professional Public and Privat companies, Government sector employees, business owner, Private sector employees is eligible for a commercial mortgage loan.
Age
Maximum age of applicant : 65 years
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Documentation
The following documents are required along with your personal line of credit Loan application:
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Personal Identity proof (copy of Government-issued ID - passport/driver’s license)
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Proof of age
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Proof of residency (Utility Bill-Light,Water or Mobile)
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Personal financial/bank statement
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construction or purchase contract
Fees and charges
Applying is free and it won't impact your credit.
Below are fees and charges that you may be required to pay:
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Types of fees
Charges applicable
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Interest rate
Up to 2% -5%
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Loan statement charges
NA
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Interest & principle statement charges
NA
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EMI bounce charges
$100 for every bounce
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Security Interest Fee
Contact our loan specialist:
Call us at
662-254-4495
support@aclloans.com
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*Service Tax and other Government taxes, levies etc. applicable as per prevailing rate will be charged over and above the Fees and Charges
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Frequently Asked Questions
We are almost ready with your Frequently Asked Questions. Already we answered all question please check below.
Anytime Cash loan llc(ACL) is the provider of business and personal financing in the USA, UK, CANADA, mainland Europe and Australia. We use a simple online application to determine the financial health of your business and let you know how much finance you can access. This allows us to approve unsecured loans to qualifying firms. ACL lends from its own balance-sheet.
ACL uses unique credit technology to form a deep understanding of the financial condition of a business and lends from its own balance-sheet. This approach enables us to make quick, sound decisions.
We provide our customers and partners with a quality service because:
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We listen to our customers' stories and understand their challenges.
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We are real people who take the time to build relationships.
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We have a wealth of financial knowledge and experience within our team.
A New construction loan is essentially a short-term loan, but one tailored specifically for use by an individual home builder, or by smaller companies in the construction industry. New Construction loans are used to finance either the construction of a new home or real estate project.
New construction loans are short-term loans, usually designed to be used over the course of only two year.
After the builder has completed the build, the borrower usually does one of two things. First, they may refinance their construction loan into a more permanent mortgage for construction. This means that the new home’s mortgage will be owned by a bank or other traditional financial institution. Alternatively, the construction loan can be paid off by taking out a second loan, sometimes called an “End Loan,” which is essentially a longer-term form of a new construction loan.
New construction loans have various repayment conditions and rules. Some will require the construction loan to be paid off completely by the end of construction, some only require interest payments to be made on the loan during the build. The conditions will depend on the lender you decide to go with.
If you’re a builder or investor thr new construction loans can help provide flexibility to help your business grow. This may include requirements such as hiring short-term (or long-term) employees, making payments to contractors, or even getting the materials you need to complete the job.
Below are just a few options for using the construction loan amount to pay your bills:
- Get the materials you need to finish the new construction
- Buy or lease extra equipment to speed up construction
- Use the construction loans to plan and/or design a new project
You can get a copy of your credit history from:
Equifax
www.equifax.com
Your first step in securing a new construction loan should be to talk to your ACL loan officer. The amount you may borrow will be an important part of your discussions with your builder in deciding what to include in your new home. A loan officer can also answer your questions about how construction loans are structured.
- To get qualified, you will need to provide your basic debt, income and asset information
- To get qualified, you will need to provide your basic debt, income and asset information
- 1. Contract amount, which includes construction and cost of land, if applicable
- 2 Construction start and completion dates
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