THE CONSTRUCTION PROCESS
CONSTRUCTION LOAN PRE-QUALIFICATION
As with all real estate purchases, a Buyer's first step is to speak to a lender and become prequalified for a loan. We request that all buyers contact either Tracy King at Camden National Bank or Cindy Fogg at Bangor Savings, and obtain a letter of pre-qualification from either bank before exploring build packages with the Builder, Paul Sharon. Both banks offer construction-to-permanent home loans that fund construction, and then convert to a permanent mortgage after construction is complete. Camden National Bank and Bangor Savings are local lenders that offer competitive rates, and will finance up to 90% of the total project cost, including the purchase of the land. Tracy King and Cindy Fogg are both familiar with Beacon Ridge, which will greatly benefit the buyer and the builder.
Tracy King | Assistant Vice President, Camden National Bank | MNLS# 713018
Cindy Fogg | Vice President, Bangor Savings Bank |NMLS # 446156
Lots are reserved in writing by way of a Reservation Agreement signed by Builder and Buyer, and Buyer providing a refundable deposit of $1,000. The Builder and Buyer then have approximately ten business days to come to terms to the design; specifications; and cost of the build package. The build package includes a paved driveway; drilled well; seeded lawn; and hookup to electricity and public sewer.