Construction, Property & Rehabilitation Loans

Mlend offers several loan programs that can help you customize a home to your dreams or renovate an investment property.

These programs can make the construction process easier by providing one loan to pay for both construction and long-term home financing. Most programs can provide a predetermined construction period in which the loan is interest only.  Once construction is complete, the loan converts to a traditional fixed or adjustable rate mortgage.

While each program is different, these programs do share some characteristics:

  • Financing is based on the final appraised value of the home after construction is complete
  • Saves time and money by combining all financing into a single loan
  • Fixed and adjustable interest rates
  • Available in 15 to 30-year terms

Mlend offers construction and rehabilitation loan programs that are either Government-insured or Conventional.

Conventional FNMA HomeStyle

Are you looking to purchase a new home in need of repairs or just need a little more space in your current home? Rehabilitation loans streamline the financing process for completing a major renovation. The renovation funds are advanced throughout the building project and the loan converts to permanent financing upon project completion, eliminating the need to qualify for a second loan for long-term home financing and sparing you from paying a second set of closing costs.

A conventional rehabilitation loan with Mlend:

  • Bases financing on the final appraised value of the property upon project completion
  • Saves time and money by combining all financing into a single loan
  • Provides flexible construction draw periods

FHA 203k

FHA (Federal Housing Administration) 203k loans are perfect for those looking to purchase a fixer-upper. Normally, when purchasing homes in need of improvement, purchasers must obtain separate loans for purchase and rehabilitation of a dwelling. This FHA insured loan allows purchasers to take out a single, fixed or adjustable-rate loan to finance the entire project process.

FHA 203k loans are good for financing:

  • Structural improvements: home additions; finishing basements or attics; repairing insect or structural damage
  • Improved function, appearance, or modernization: remodeling bathrooms and kitchens; replacing exterior siding; installing new flooring; replacing roofing, gutters, and downspouts
  • Reconditioning or replacing plumbing: connecting to public water or sewer; replacing or repairing heating, air conditioning, or electrical systems; installing wells or septic systems
  • Energy conservation improvements: replacing windows with new energy efficient windows; installing insulation; adding solar systems
  • Accessibility improvements: remodeling for wheelchair access; adding exterior ramps; installing accessible appliances

Only certain homes are eligible and renovated properties must meet certain energy efficiency and safety guidelines.

Construction to Perm

If you are interested in building a new home or renovating an existing one, our Construction to Permanent financing program can help.  The home can be a primary or secondary residence, but must be owner occupied.

Our Construction to Perm Program offers:

  • One time closing, so only one set of closing costs
  • Saves time and money by combining all financing into a single loan
  • 12-month construction period
  • Flexible interest rate term options

Lot/Land Loans

If you are looking to purchase the perfect piece of land for your dream home, but you aren't ready to build yet, we can help!

Our Lot/Land loans offer:

  • 80% & 90% financing options available for improved land loans
  • 65% financing available for raw land loans

Whenever you’re ready to build, we can finance the project with our Construction to Perm program.

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