Please refer to the Payment Information box on the right side of your monthly borrower statement. The ‘total amount owing’ is your payment amount.
Statements are sent out via email on the 5th of the month.
Interest payments are due on the 10th of the month.
Please make your payment via check payable to Builders Capital.
If your interest payment is received on or after the 16th of the month, you will be charged a fee calculated as 5% of the late amount or $250.00, whichever amount is greater.
Yes, the interest reserve balance is indicated in the Loan Information box on the left side of your monthly borrower statement.
If your interest reserve has been depleted, interest payments must be made monthly, payable on the 10th of each month.
You will receive a letter 45 days prior to your loan maturity date with instructions on further actions to take.
If an extension is needed, the fee is payable at the time will be added to the outstanding principal balance of the loan, however it will accrue interest at the Note rate and will be payable on the maturity date or earlier payoff of the loan.
To request a payoff statement, please send an email request to email@example.com
Unlike a Loan Origination Fee, which is rolled into the loan amount and paid as a percentage of the loan amount, Additional Interest is paid at the time you sell the home and it is paid as a percentage of the higher of appraised value or sales price.
We will reconvey your loan within 60 days of payoff date.
ALL-IN-ONE CONSTRUCTION LOANS
For this product, an interest reserve is established at loan closing however cannot be utilized for interest payments until the Lender has approved the project to move forward with construction disbursements in Phase II of the loan.
If permits have been delayed, please refer to your Promissory Note or contact your Loan Officer.
Please contact your Loan Officer to discuss proposed changes, and to determine the best financing strategy moving forward. Once your loan closes, you will be provided with a draw management form that will show your available budget balance. Draw requests must be submitted via email in electronic format.