Delray Securities announces "Delray Securities Secured Interim Construction Financing Fund"
Delray Securities, a California based Investment Banking Firm, announces the launch of a three hundred million dollar "Interim Construction Financing Fund" for Fannie Mae Approved Mortgage Loans.
- (1888PressRelease) July 04, 2012 - "Delray Securities Secured Interim Construction Financing Fund" is a three hundred million dollar private investment fund established by Delray Securities in partnership with a pool of both private accredited investors, institutional investment firms and international investors. The fund will make first deed of trust interim construction loans to consumers throughout the United States that have an "end loan" guarantee.
This program is designed for the borrower who wishes to obtain a first mortgage loan to construct or rehabilitate a primary residence or second home and has obtained a permanent financing loan approval from a "Delray Mortgage Corporation" through one its Fannie Mae Loan Programs. The program provides for both construction financing and permanent financing with a simple single loan closing, avoiding the traditional two loan closing process and the excessive fees associated with it. The borrower signs one set of loan documents that cover both the interim construction phase and the permanent loan phase. The borrower may choose from several Fannie Mae Mortgage Loan Products (Fixed and ARM) available through their mortgage lender and multiple rate lock options that offer a variety of features. The construction period can vary in length between 6, 9, and 12 months.
Additionally, construction periods of 15 and 18 months are available for the 1-year Treasury ARM product. During the construction period, the loan will be interest only with interest payments paid from an interest reserve account. When the home has been completed, the loan will be converted to a permanent mortgage.
Mr. Steven Muehler, President of Delray Securities, LLC, states that he anticipate nationwide rollout of the program during the Fall of 2012.
For more information:
Steve Muehler, President
2255 Glades Road
Boca Raton, Florida 33431