To assist our customers with payment and to help you complete your new construction or renovation project, we are proud to offer financing options to qualified buyers through Remodeloandirect.com, a division of South Central Bank, N.A. .
1. Good Credit
2. No Appraisal
3. No equity requirement on most loans
Qualified buyers, individuals with credit scores above 670 or a 690 average for a joint application, can access secured or unsecured loans from $3,500 to $50,000 (even more is available for well qualified homeowners).
- Once approved, the money is made immediately available for construction and the first payment is owed 30 days after issuance of the loan.
- The interest rates for these conventional loans ranges from 7.9% to 9.9% and are determined by the bank’s underwriting department.
- Two pay check stubs for each applicant will need to accompany your application.
- Proof of ownership will also be required before final approval.
Benefits/Features of using RemodeLoanDirect to finance your project:
- Fixed monthly loan payments
- Tax deductible (interest may be tax deductible if loan is secured by a mortgage on your home — check with your accountant). Loans up to $7,500 are usually unsecured.
- No prepayment penalties & no annual loan fees
- Direct loans available from $3,500 to $50,000
- First payment not due until 30 days after funding of your loan
- Fixed APR (Annual Percentage Rate) normally 7.9% to 9.9% depending upon loan size and your credit report
(This post was last revised August 4, 2015)