Your Construction Loan (360) 647-6000 to request an extension.
Important Information about your loan and the disbursement process is explained in these frequently
asked questions. It is very important that you understand the loan process before your loan closes.
Do you still have questions? Just ask us. We’re here to help.
When Does My Construction Loan
Term Begin? How Does the Disbursement Is There a Fee If I Need an
Your construction term begins on the date Process Work? Extension?
that you sign your loan documents. It is Disbursements on a construction YES, there is a fee associated with an
important to know that your Construction- loan are designed to reimburse the extension of your required completion
to-Permanent Loan funds are disbursed as borrower as construction of the home date. The fee is $350.00 for EACH month
your home is built. progresses. When you request a that you extend. Please keep in mind that
draw by filling out one of our Draw this fee only covers the extension of your
How Do I Get My Money? Request forms, we will send one of construction term. Any potential fees
At closing, you will sign a Construction our inspectors out to your project to pertaining to the extension of your interest
Advance Delivery Information form that determine the amount of work rate lock will be collected separately
identifies the method by which you wish completed. The Bank of the Pacific according to your Interest Rate Lock
to receive your monthly draws. For faster will disburse construction proceeds Agreement.
access to your construction funds, we based only on the amount of work
suggest that you to open an account at The that has been completed at the time How Do I Make My Final Draw
Bank of the Pacific. We’ll help you set up of the inspection. Request?
your account and deposit your You can make a Final Draw Request when
disbursement funds directly to it. For How Long Will it Take for Me the home is finished. The final 5% of your
more information, please contact your loan construction funds will be held until The
to Get the Funds After I Make
officer. Bank of the Pacific receives all Final
My Draw Request?
Your disbursement will be released
Can I Get Reimbursed For
within 48 hours of The Bank of the
Pre-Paid Items? In addition, your loan must be in good
Pacific receiving the inspection
Pre-paid items that are reflected in your standing according to the terms of your
report performed by our inspector
budget and used as your equity Construction Loan Agreement. Once your
and an update from the title company
contribution are not reimbursable. final Draw Request has been disbursed,
indicating the property is free and
your construction loan will be rolled into a
clear of any liens.
What are Deposits? permanent loan and sold to the investor
Sometimes vendors for items like cabinets, with whom your rate was originally
How Many Inspections Are locked.
light fixtures, windows, appliances or any
Allowed and What is the Cost?
other specialty improvement that requires
The Bank of the Pacific allows you Final Conditions:
custom craftsmanship usually require
to request one draw per month. The
deposits. The Bank of the Pacific will If you are an owner/builder or if
Inspection Fee that was paid when
release UP TO 50% of the total amount your home was built using a
your loan closed covers your
budgeted in the specific line item for the general contractor:
inspection costs. Additional
following deposits upon receipt of vendor In addition to the Certificate of Occupancy
inspections after your allotted 6 or 9
invoices: (if requested), The Bank of the Pacific
prepaid inspections (depending on
• Windows/doors must receive the following:
what was collected at closing) cost
• Countertops $150.00 each. • Final Draw Request
• Special Order Appliances • Any outstanding Interest owing
• Flooring Who Does the Inspections? • Final 442 inspection with
• Custom Lighting Inspections are completed by a photos from the appraiser (The
• Rough Framing Materials qualified professional third party, Bank of the Pacific to obtain)
• Trusses contracted on behalf of The Bank of • Verification from the title
• Cabinets the Pacific or an employee of The company evidencing no liens
Bank of the Pacific. on the property (The Bank of
How Do I Request a Draw? the Pacific to obtain)
Draw requests can be made once per What If I Need an Extension of • Original Signed & Notarized
month by contacting your loan officer My Construction Loan Term? Loan Modification
directly or by faxing your signed draw Loans that go beyond the required
request to (360) 738-8168. No verbal completion date are technically in
Draw Requests are permitted. default pursuant to your Construction
Loan Agreement. If the loan has
gone beyond this required
completion date, all loan draws are
on hold until an extension is granted.
Please contact your loan officer or