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Company NMLS ID # 56323CONSTRUCTION LENDING
INTERCOASTAL MORTGAGE • YOUR PLANS MADE EASIER Whether you're building or renovating, we know this decision takes courage.Often, misconceptions about the construction loan process prevent familiesfrom building the home of their dreams. We want the process to be clear andeasy to understand, so we provide you with guidance each step of the way. The combination of our flexible underwriting, portfolio loan products andpersonal attention provides you with solutions. Build with IntercoastalMortgage where we bring your plans to life.CONSTRUCTION FINANGING BASICSHere's a general overview of our programs:• New Construction • Purchase + Renovation • Bridge Loan Get started with a residential construction loan fromIntercoastal Mortgage. Whether you purchase a lot, even if ithas a house on it to be torn down, or vou already own one,build vour home on it!Congratulations! You found vour dream home, but it could usesome TLC. Intercoastal Mortgage has the answer: a Purchase +Renovation loanWhen you've decided to build, but haven't yet sold or listed yourcurrent home, Intercoastal Mortgage can help with a loan that"bridges" the gap between buying and selling.
WHERE CAN YOU BUILD? Whether you are moving around town, uptown, downtown, or out-of-town, Intercoastal Mortgage, LLC can help! Take a look around the mapbelow to find where you'll be looking to settle:We are currently licensed in thefollowing states and localities: West Virginia MarylandDCVirginiaTennessee North CarolinaSouth CarolinaGeorgiaFlorida ...and more states coming! Tim Bowen Loan OfficerNMLS ID #2030356с 843.990.2077tbowen@icmtg.com
PROCESS AT A GLANCE: Whether you‘re building a primary residence or a second home, you‘llappreciate our in house processing, flexible underwriting, and yourbuilder will appreciate the timely, efficient draw process that keepsyour build on schedule throughout these phases. ConstructionEndsConstructionBeginsLandContract BuildContractComplete an ApplicationApprovalAppraisalRequestConstruction is completedand you’re ready to move in. A full loan application for pre-qualification is made with all requireddocumentation. Identify the desired lot and write a contractto buy it. If you already own the land, skip tothe next step. Selections: choose a floor plan and makeselections to finalize your build - sign thecontract with your builder. Once the construction loan closes, your buildbegins - funds are disbursed to your builderbased on an agreed upon schedule. Your loan approval is issued and then yourconstruction loan closing is scheduled. Your ICM team will order your appraisalbased on your build contract and landcontract (lot purchase).
CONSTRUCTION PHASE DuringConstructionDisbursements and DrawsInitial Construction DisbursementYour initial construction disbursement can takeplace at loan closing or after but not before. Ifapplicable, we'll disburse vour funds before usingyour loan proceeds.Funds are disbursed periodically during construction as workis completed and verified by an inspection. Disbursements(draws) are typically requested by the builder. However, you will be required to approve them. When wereceive a request, we will order an inspection and, ifapplicable, a title update.Draw documentation varies by state, please consult vourICM loan officer if you have any questions.You'll receive interest only monthly bills on the funds already disbursed.Our billing cycle closes on the 15th of each month and you receive the billby the Ist of the following month. We do not collect escrow for your realestate taxes, homeowner's and/or builder's risk insurance, and if applicable, flood insurance. These will be your responsibility If you would like to apply additionalmonies towards the principal loan balance, you may do that at any timeduring construction but those funds may not be requested again as adisbursement
WHO IS INTERCOASTAL MORTGAGE?Formed from the merger of two award-winning mortgage companies, IntercoastalMortgage Company and MVB Mortgage, we are primed to serve our clients with greateroptions and shorter turn times. We offer competitive pricing and cutting-edge residentialmortgage loan programs to meet all your home buying needs. We offer a broad menu ofloan options, including Conventional, Non Conventional, VA, FHA, USDA, jumbo, superjumbo, construction, renovation, and bridge loans. As a direct lender, we control theprocess from start to finish. We make the loan decision and most of our loans areprocessed, underwritten, and closed in-house locally. Our veteran team of loan officersand mortgage professionals are equipped with a level of experience that is second tonone. We look forward to serving our communities and helping our clients achieve theAmerican dream of homeownership.OUR CONSTRUCTION LENDING TEAM Our Construction Lending Team specializes in custom home and renovation financingsolutions. From the vast knowledge of our experienced loan origination professionals toour in-house processing and flexible underwriting - the fact is, our competition doesn'tstack up.OUR CONSTRUCTION OPERATIONS TEAM Once the loan is in place and the builder is ready to break ground, our Construction Groupsupports clients and their builders throughout the build. The team is responsible for timelycommunication and workflow management to create an exceptional home constructionexperience for all involved.Company NMLS ID # 56323C o m pa n y N M L S I D # 5 6 3 2 3 ( w w w . n m l s c o n s u m e r a c c e s s . o r g ) • P r o gr a m g u i de l i n e s a r e i n t e n d e d a s r e f e r e n c e i n f o r m a t i o n o nl y f o r pr o s p e c t i v e h o m e b u y e r s a n d d o n o t i m p l y o r i n f e r a g u a ra n t e e o f l e n d i n g . L o a np r o gr a m s , r a t e s a n d q u a l i f i c a t i o n s a r e s u b j e c t t o c h a n g e a t a n y t i me . • T h i s i s a n a d v e r t i s e m e n t . • © I n t e r c o a s t a l M o r t g a g e, L L C 1 0 2 0 2 2