Construction Lending immediately in writing.
Who does the borrower contact to request funds?
Each construction project is assigned to a CTP Customer Service
Team whose contact information may be found by visiting the web site
"My Loan Information." Also the borrower will receive a Welcome
Packet with important information about the loan process and how to
How quickly can the initial draw request get processed?
The CTP Customer Service Team will be able to start processing the
initial draw request two business days after the loan funds. It
takes approximately two business days after the loan funds for the
loan information to be transferred to our Loan Servicing Department.
A borrower's loan information can be conveniently accessed online,
"My Loan Information" within 48 to 72 hours of funding.
How much can the borrower get for start-up costs?
The borrower can request start-up funds to help get the
construction project going. We will disburse 5% of the current
construction amount. We will also disburse funds for upfront
expenses such as permits and utility connections upon verification.
We will not make another disbursement until the home is 10-15%
complete and a copy of the permit is received.
Can the borrower get reimbursed for pre-paid items?
By detention, pre-paid items that are reflected on the budget and
used as equity contribution are not reimbursable. The borrower can
be reimbursed for items that have been pre-paid that are not in the
budget as equity items.
What are hard costs?
Hard costs are direct costs associated with the labor and materials
used for the actual construction of the home. Hard costs are also
known as "direct costs", "board and nails”, "on-site costs" and
"hard cost improvements." Hard costs are disbursed based on an
inspected percentage of the overall completion of the project rather
than the items allocated in the budget.
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