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Frequently Asked Questions

How do you calculate the payment on a construction loan?

Divide your construction loan interest rate by 365 (or 360, if your lender uses 30-day months for calculation). The resulting number (percentage) is your "per diem" (daily) interest rate. If you have a variable interest rate per your construction loan note, always verify the current month's rate before calculating your per diem rate.

What are the interest rates on construction loans?

Commercial banks and credit unions currently offer construction loan rates that start at Prime Rate +1%. These can be interest-only construction loans, with loan-to-values of up to 75% and offered for development of all types of commercial properties.

How much down payment for construction loan?

You Will Need to Put Down a Large Down Payment. Typically, 20% is the minimum you need to put down for a construction loan – some lenders require as much as 25% down. This ensures that you are invested in the project and won’t just walk away if things go wrong.

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