Our program requires only one closing and provides the ability to lock into the loan product and rate at the beginning of the process.
• Take advantage of current rates
• Avoid risk of potential rate increases
• Keeps investment strategy intact
• Helps to avoid possible capital gains tax
• $500,000 minimum loan amount
• Owner-occupied primary or secondary residences, nationwide
• 18 to 24 months to complete construction or renovation
• Pledge of cash or marketable securities required during construction period
• “Subject to completion” value based on plans and specifications
• Land value in the case of new construction
• “As is” value in the case of renovations
• Updated “as is” value based upon finished home
1Some restrictions may apply in certain states, including Texas.
BNY Mellon does not provide tax advice. Clients should consult their tax advisor to properly evaluate circumstances Mortgage services, provided by BNY Mellon, N.A., are subject to application and credit approval.
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