SECURED/INTERIM CONSTRUCTION LINES OF CREDIT
When you need the flexibility of a loan tailored to new construction, CNB offers secured, interim construction lines of credit.
⦁ NetTeller On-line Banking Services
⦁ 24 Hour Telephone Banking
⦁ 24 Hour Bank Information Helpline
⦁ 1% Origination Fee
⦁ Competitive Rates
⦁ Draw Note
⦁ Second Home/Recreational
⦁ Secured by Property
⦁ Residential Application
REQUIREMENTS & FEES
Six months (up to one year if needed)
Up to 80% of the lesser of construction contract or appraised improvement value
⦁ Builders Risk insurance is provided by the builder or borrowing customer listing CNB as loss payee
⦁ Note features a draw note advance as needed.
⦁Periodic inspection is done by a CNB loan officer.
⦁ The loan will be secured by the subject property.
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