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.

FEATURES

 

⦁ 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

 

Term:

Six months (up to one year if needed)

 

 

Amount Financed:

Up to 80% of the lesser of construction contract or appraised improvement value

 

 

Miscellaneous Features:

⦁ 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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