Build with Confidence
Our construction lending professionals will inspect completed work at set intervals and release funds to the builder as progress is made. This is done by utilizing an interest-only line of credit during the construction process, providing you the option to select your permanent loan now or later. Your payment during construction will be based on the outstanding loan balance. Our programs allow for up to 12 months of build time with possible extensions depending upon the loan type you choose.
We offer several types of construction and renovation loans to meet your needs. You can choose from our One Time or Two Time Close program depending on the type and scope of your project.
GMM’s One Time Close is available for New Construction and Renovation projects. This program offers you the benefit of closing on your permanent mortgage financing and securing the interest rate terms during the construction process of your home. You can choose from either our 3/1 or 6/1 Adjustable Rate Mortgage for your permanent mortgage loan and have up to 12 months to complete construction.
Two Time Close
GMM’s Two Time Close is available for New Construction and Renovation projects. This program offers you the benefit of financing the construction costs using our temporary line of credit with up to 12 months to complete the project. Additional construction time, with an extension fee, may be available depending on your project. As construction nears completion, work with us to select either a fixed or adjustable rate permanent loan to meet your needs.