Maine Construction Group is now offering “Turn Key” financing for customers that are looking to build a new home. Turn key financing is a huge advantage for customers that want to build a new home. A turn key transaction is when the contractor purchases the lot, materials and labor to build the home. The customer must be pre-approved with a bank. The customer gives the contractor a down payment at the beginning of the contract. Upon completion of the home, the contractor sells the home to the customer which they will finance with a conventional loan. This is a huge advantage compared to a construction loan. Typically, a construction loan will be a one close loan with an interest rate of .5% to .75% higher than a conventional loan.
The building season is now upon us. If you have a customer that is looking to build this year and is interested in a turn key transaction, please contact Ron at (207) 949-6272.