Prospect Mortgage Establishes New Construction Lending Division
Prospect Mortgage has announced a new platform to finance new single-family and condominium homes nationwide, supporting homebuyers, home builders, developers, and real estate agents in an improving new construction market. Prospect Mortgage has assembled an experienced team with subdivision and condo construction, and appraisal expertise. Prospect is offering a product lineup to assist buyers and builders with new home construction. The extended rate lock program allows eligible buyers to lock in their interest rate at the time a loan application is completed for an unfinished home. With the spec lock program, builders can lock in an interest rate on up to three new home construction projects for up to 120 days, and pass this interest rate on to their customers when the property sells. They also offer builders condo project approval services to alleviate paperwork and expedite projects. "We anticipated the marketplace comeback, and we're excited about the role we can play in the continuing upswing," said Doug Long, president of Prospect Mortgage Retail and Correspondent Lending. "Recent National Association of Home Builders' statistics show single-family and multi-family permits increasing by double digits nationwide, with some areas in the Southeast and Mountain regions up 100 percent for multi-family construction permits. We look forward to partnering with more builders and homebuyers in coming months by offering unique products and resources through our New Construction Division." Prospect Mortgage is a national lender offering a full range of quality home loans, including FHA and VA, conventional, jumbo renovation and more. "Our New Construction Division staff members are committed to supporting the communities in which our builder and real estate partners do business," said Michael Kelly, senior vice president of the new division. "Prospect's Loan Officers understand the complexities of new construction subdivision and condo projects and the unique needs of homebuyers. They're here to assist consumers in evaluating their ability to qualify for financing and helping the builder's sales team in coordinating special events and seminars to increase model home traffic and generate more sales."